This study extends prior research concerning the perceptions of managers regarding the most important issues facing their firms. Contrary to the evidence gathered on publicly traded companies that shows that ownership issues are deemed most important to financial managers, the most important issues facing private family firms are more short-term in nature. Estate and succession planning become somewhat more important once operational and financial issues are addressed. The results found in this study are robust when firm size, age, survey respondent, and family-firm status are analyzed. Support for commonly accepted family business statistics is found.
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