Kathy Boyle Email & Phone Number

Kathy A. Boyle President/Chapin Hill Advisors, Inc.The U.S. has 5.5 million family owned businesses which comprise 57% of GDP and employ 63% of the workforce. ₁ The average age of family business CEO’s is 60 and surveys reveal that 70% of these business leaders wish to transition in the next 5-10 years yet only 31% have even an informal plan ₂ .The generational transfer is fraught with challenges. Only 30% of family owned businesses survive into the 2nd generation and barley 12% make it to Gen 3 and less than 1% exist into the 4th Generation.62% of family businesses want to pass their business to the next generation with 39% who plan to pass it on in the next 5 years. A deep dive into family business failure shows that 65% of the reason for failure is lack of communication between family members. This often translates into a lack of documentation, written procedures and protocols, governance and formal human resources and hiring processes. Another 25% of the reason for failure is lack of preparedness for the next generation to assume the leadership role. More businesses are recognizing this and trending to have the next generation work outside of the family business.Family businesses are often the backbone of local communities. They support local commerce, are philanthropic and are trusted resources. 70% believe that their core values provide a competitive advantage. Integrating digital can help to communicate the company’s core values to a wider audience adding profitability and depth. Yet many family businesses are behind in integrating digital components to their business. 37% of family business leaders believe their business is vulnerable to digital disruption.75% of the next generation of leaders have big plans for their family business. Only 7% of them believe the business has a strategy in place for digital transformation. ₁ Family Enterprise USA 2011₂ PWC Family Business Survey U.S. 2019

Listed skills include Investments, Finance, Asset Management, Strategy, and 30 others.