Family owned and controlled businesses, which account for 90 percent of all U.S. companies, rarely outlive their founders to survive the next generation. Only one in three defies the odds, but that requires a well-thought-out transition plan and, in some cases, even a non-family member to step in and lead, according to a new white paper by the University of Virginia Darden School of Business, U.S. Trust, Bank of America Private Wealth Management.

All growing businesses face challenges as they build from their entrepreneurial beginnings — whether they are global conglomerates or successful local companies. Family business owners who wish to retain control through the generations face a distinct set of challenges and opportunities. The paper drills into the issues of intergenerational transfer and offers insights into what family business owners should consider as they work to create sustainable businesses and plan for the future. A series of original case studies also demonstrates hardwon lessons learned from family-owned businesses – hear their stories through interviews conducted by Darden faculty member Greg Fairchild.

Preparing for the next leadership transfer, from third to fourth generation, Jim and Joe Bright are solidifying a healthy future for their 91-year old family business. Through hard work, discipline and a lot of heart, the Bright family continues to shine and credits success to their desire to stay nimble. The world continues to change and how a company reacts, or fails to react, may have a lasting impact for future generations.

An award-winning landscaping company embraces stewardship governance by creating a unique culture of employee ownership and responsibility, inspiring staff to work toward common goals of outstanding customer service, teamwork and growth.

GrayCo began as a lumber company and pivoted to become a commercial real estate venture when the moment was right. While for years the leadership was comprised only of non-family members, Lawrence Gray brought just the experience the business needed in investment strategy and general management and was able to boost not only family engagement but also maintain its tradition of philanthropy.

When all is said and done, it was important to do what was best for the family. With over half a century of experience and wisdom, the family behind K&K 5&10, K&K Toys and Dollar Tree reflects on lessons learned while navigating the toy industry and pioneering discount retailing. From the early days under the family patriarch to a new company and second generation leadership, and ultimately the decision to go public, the Perry family recounts how a dwindling industry, changing landscape and sudden growth led to necessary decisions – always made in the best interest of the family.