By Hal M. Bundrick NEW YORK ( MainStreet)--America's mom-and-pop shops are key drivers of the U.S. economy. Many grow from kitchen counter enterprises to brick-and-mortar behemoths. But more than a quarter don't have a board of directors and nearly half haven't prepared contingency plans to cover the loss of a leader. Perspectives on Family-Owned Businesses; Governance and Succession Planning.
222 owners and executives of mostly mid-sized, family-owned businesses were surveyed. Approximately 70% of the respondents represented companies with revenues of $100 million or more, while 25% were with companies generating revenues of $500 million or more. --Written by Hal M. Bundrick for MainStreet