Succession Planning in Family-Owned Business January 28, 2013 by Terry Morawski 0 comments 1661 viewson Ownership & Governance According to the presentation, family-owned businesses transition in three unique ways. First, 40 percent of businesses opt to transition from one generation to the next. Secondly, 34 percent of businesses plan to sell to non-family members. Lastly, 26 percent of family-owned businesses transition their business to heirs, but with professional management taking the reins of the company. Panelists agreed there is not right or wrong way to transition a family-owned business, but a plan is essential. The panel boiled down the necessary nine steps to proper succession planning.