Tips to help you integrate your children into your business

70 per cent of family businesses fail or are sold before they're passed on to the second generation (Photo: iStock)

Most entrepreneurs dream of passing their business on to their children. However, in many cases, business owners fail to adequately prepare the next generation for business succession.

From a privileged perspective, the next generation often lacks the sense of responsibility and stewardship to safeguard a successful family business.