Building for future generations

Globally, by the year 2010, family business owners ready to retire and pass the baton will transfer an estimated $8 trillion of wealth to the next generation. These businesses are the backbone of the world economies. Believe it or not, in the United States alone, family businesses constitute 90% of the more than 15 million businesses. Slightly over one-third of the Fortune 500 companies are family controlled. Family business is an even greater reality here in Lebanon and throughout the Middle East. Think about this for a moment, “In the Middle East not only do we have family run businesses, we have family run countries.” The family plays a critical role in running our lives and businesses. Listen closely and we often hear business owners’ comment, “I started this firm to gain freedom and security not available elsewhere. The success I have had is something I would like to pass