MICHIGAN — A new study warns Michigan could be facing a silent succession crisis.
According to financial research group MarketBeat.com, nearly 60% of adult children in Michigan say they do not plan to continue their parents’ family business — significantly higher than the national average of 51%.
The survey of 2,000 respondents found that nearly half said their parents never talk about succession planning, leaving many enterprises without clear next steps.
Top reasons cited for walking away included different career goals, financial instability, and family conflict.
Experts say the data reflects shifting attitudes toward work-life balance and remote jobs, as well as communication gaps between generations.