When Marygrace Sexton named her local fresh-squeezed juice company after her 1-year-old daughter, she never expected Natalie to become her eventual CEO successor. 35 years later, Natalie's Orchid Island Juice Company brings in $120 million in annual sales, according to Natalie Sexton — who is now the company's vice president of marketing, and preparing to take over whenever her mother decides to step down. That story referenced a "second-generation curse," citing a 1980s study: Only 70% of family businesses survive the transition to second-generation successors, and just 13% make it through the third generation. The lifespans of all business types have declined since the 1960s, according to a 2012 report from management consulting firm Innosight. "It's truly a fascinating concept to try and maintain a family business as you change generations," Natalie tells CNBC Make It.

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