In this episode of the show I discuss three common myths that are often thrown at family businesses as rules or facts in order for them to act to avoid becoming a statistic themselves.
The first myth is that around the number of family businesses making it to the third generation and what the often cited statistics are actually related to.
We then look at the shirtsleeves to shirtsleeves myth, which has been around far longer than the statistics about succession, but is equally as unreliable as the stats.
I also cover the common statement that “all you need is Governance” and highlight why I believe that in fact the discussions around the issues that can lead to governance are far more valuable than governance itself.