It is one thing to start a family business. It is an entirely different thing to keep it alive.
Only 30% of family businesses survive past the first generation, and only 12% make it to the third. A dismal 3% of family businesses last to the fourth generation and beyond. In an industry as legacy-focused as commercial real estate, the ability to last beyond a lifetime can seem like a miracle.
Bisnow reached out to some of the leading families in the industry for a new series on living a life of legacy in CRE. From making one's own mark to selecting a worthy heir, the importance of working beyond the family business to the struggles of working for mom or dad, we spoke to some of the industry's biggest names to learn how they plan to pass the torch.
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