Markets are changing, global economies are faltering. The challenges facing family-owned businesses today are enormous and many business leaders (baby boomer generation) who rose to prominence and wealth as a result of their hard work are no longer capable of reversing the tide of declining revenues. The cause of many entrepreneurial failures are primarily due to major risk factors, including intense competition, disruptions and foreign exchange fluctuations, among others. While these risks are external events, there are other dangers that family businesses can predict and manage. These are family, business, ownership, wealth and succession risks, and they form part of the transition plan that every business owner must addressed before it’s too late.