Dear Editor,
Some in the PPP/C are defending the planting of family members so thickly within their candidates’ list by saying family businesses expect help from the younger generation.
According to the Harvard Business Review, the number one reason family businesses fail is because of the next generation “signing on to the firm as unprepared 40-somethings.” According to Harvard, “Despite their lack of experience, these offspring may ascend to leadership positions because of the family connection, increasing the chances that the business will fail.”
Interestingly, only 30% of family businesses survive after the second generation. Only 5% of family businesses succeed at the third generation. The ones which survive almost all hand control over to outside management, not family members.
In other words, the PPP/C wants to run the country with a strategy that has a 95% failure rate.
Yours faithfully,
(Name and address provided)
