Written By: Yoon G. Lee, Cynthia R. Jasper and Karen P. Goebel

Using data from the 1997 National Family Business Survey, this study analyzed 673 family owned businesses. Consistent with other studies, the findings indicated that only 20% had a written succession plan. Among 673 family business owners, only 14% developed a net worth statement and 13% met with a financial planner or business consultant to discuss estate planning. Those with a succession plan tended to be older, worked longer hours in family businesses, had fewer numbers of children, and had higher business management scores than did those without a succession plan. Those who started their own business were less likely to have a written succession plan than those who inherited the business. Key Words: succession, estate planning,

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