Once again, Jack Welch and I are communing about common business issues – in this case, the family business. In the May 19 edition of Business Week, Jack and Suzy Welch respond in their Welchway column to a question about the big concerns facing business over the next 10 years.

Jack is a legendary, corporate chieftain but with little experience with family businesses as far as I can tell. Yet, in his response to this question, he is “on the money” when he cites two “fault lines” underlying family business. Thanks, Jack. It’s good to see that you and I have some shared beliefs from our dramatically different vantage points

My experience with family businesses is that the struggle between funding growth and funding retirement is the most vexing and emotional challenge that family businesses face. Moreover, it is one of the big elephants in the room when you discover how few family businesses – less than 10% – make it past the third generation. (more…)