Patten and Company

Keep Family Businesses Going for Generations

According to, 80-90% of all firms across the globe and the top 500 largest family-owned firms generate a combined annual revenue of $6.5 trillion which totals an economy only smaller than the U.S. and China. These firms have effectively been able to pass down control of the company to the next generation.

Based on a survey done by EY’s Global Family Business Center of Excellence and Kennesaw State University’s Cox Enterprise Center, two-thirds of the world’s billionaires are self-made and plan to hand over their company to a family member. The most daunting task was said to be designating the person responsible for succession planning and implementation. Succession planning should be done sooner rather than later to ensure that all those involved presently and in the future have a clear understanding of the business and its values from a young age.

Carl Pohlad, a billionaire financier, Minnesota Twins owner and Forbes 400 member, cultivated good business judgement and discipline early on. He spent three decades including his three sons in business practices, mentoring them and including them in business decisions.

According to the survey, communication amongst the family is strongly emphasized to ensure smooth transition. Although family arguments and disagreements can surface amongst high-stakes business decisions, successful communication and proper grooming allow for families to work out disagreements and focus on the succession of the business.

If you are looking for family office assistance for your business, call 214-696-1922 and ask for Mark Patten.

McKinnon Patten is a Local Dallas CPA with expertise in succession planning. We can help ease the transition of passing down the business to the next generation.

Other Posts

EIC: New Law Makes Major Changes

The earned income credit (EIC) has been around for years. But it’s never been worth as much as it will be for 2021 under the new American Rescue Plan Act (ARPA). Some favorable changes are only for the 2021 tax year, while others are permanent.

Read More »

For the 99.5% act

On March 25th, Senator Bernie Sanders introduced the “For the 99.5% Act,” a proposal that could significantly reduce currently available gift and estate tax exemptions. If passed, the act could impact families not previously subject to gift and estate taxes.

Read More »

Let's Connect

Request a Consultation.