Not only do we meet John LaSpina and his son Joseph, we also have the input of Anthony Caporrino of Grodsky, Caporrino & Kaufman, P.C. and Jane Myers of Jane M. Myers, P.C. who discuss what makes a family business different from other businesses and what factors come into play, including pitfalls, when the founder of a family business is ready to pass the torch.
Statistics show that only about one-third of all family businesses are successfully transferred to the next generation and only 12% are successfully transferred onto the third generation.
Many family business consultants say the primary reason for this low survival rate is the failure to develop and effectively plan for the transfer of ownership and management of the family business.
The family business can be passed on to the next generation successfully!
And remember, FAMILY truly does Come First.