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January 22, 2003 at 07:00 PM
NU Online News Service, Jan. 22, 12:41 p.m. – Top executives at many family-owned businesses are doing a poor job of planning for the future, according to results of a survey conducted by researchers at Kennesaw State University, Loyola University Chicago and Babson College.
The researchers who conducted the survey, which was sponsored by Massachusetts Mutual Life Insurance Company, Springfield, Mass., and the George and Robin Raymond Family Business Institute, Alfred, N.Y., received responses from more than 1,000 companies. The responding companies were larger than the average family-owned business and reported mean annual revenue of more than $36 million.
But 55% of chief executives aged 61 or older who are expected to retire within five years have not chosen a successor.
