2017 U.S. Family Business Survey

For many family firms, the missing middle is the strategic bridgework spanning the mid-zone between two visions: the entrepreneurial vision that sparks the formation of a business and the long-term vision that allows family firms to pursue goals far into the future. Strategic planning for the medium term—the gap between now and the eventual changing of the guard—lays the bridgework to longevity, whereas insufficient planning may cause the bridge to collapse. Family firms need to remain vigilant and take concerted actions, including having a succession plan and preparing for disruptions, if they are to endure for generations to come.