But from Fortune 500 companies to corner delis, many business owners find their dreams deflated by poor planning or family squabbles. The study found scores of businesses, from farms to funeral homes to piano makers, thriving under the ninth or tenth generation of leadership. N.H. Of course, the majority of businesses run by members of one family can't rival Tuttle's longevity. Like any business, they may sink under poor economic conditions or may be snapped up by a larger rival. Estate taxes can really be dealt with through proper planning,'' he said.
Some business owners hesitate to choose a successor, experts say.
It's an unsettling reminder of mortality. They may fear a loss of prestige or power. Calif. A fierce work ethic and pride in ownership can keep a business owner hard at work long after peers in corporate America have retired with their gold watches in hand. The next generation, meanwhile, may fall prey to sibling rivalry or in-law angst. Or, after years away at college or in a corporate setting, they may have no interest at all in returning home to run the business.