A survey conducted among owners of businesses owned by families of business students of De La Salle University-Manila reveals the following profile of the firms: 87% of the respondents act both as owner and manager of their family businesses; 82% of the respondents are married; ownership of a separate and distinct business (aside from those which are part of this study) by the spouses, children over 18 years of age and parents of the owner-respondent, is not typical; majority of the family business owners (89%) would like one or more of the family members to eventually take over the business; almost half of the respondents (48%) expressed positive attitude towards consulting a third party on issues regarding succession planning in the family firm.
