About 30% of family business owners who expect to retire in 5 years have no estate plans other than wills.
Researchers at Massachusetts Mutual Life Insurance Company, Springfield, Mass., and Kennesaw State University are reporting that finding in a summary of results from a survey of more than 1,000 family-owned businesses.
About three-quarters said revenue has grown over the past 3 years, and more than 33% said revenue has grown more than 11%, the researchers report.