Reddit reviews Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values by Williams, Roy, Preisser, Vic (2003)
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I had to dig in quite a bit, because WSJ doesn't link to the original source. However, I found another source which did, and it turns out to be research published in Williams And Preisser's book in 2003 167-174, Appendix 1
I also found that Standford Business school has also cited the same statistic from the book: https://www.gsb.stanford.edu/alumni/news/books/preparing-heirs-five-steps-successful-transition-family-wealth-values
So if you don't trust me (understandably), maybe you can trust WSJ, Time, Forbes, and Standford Business School, or you can just go buy the book and check the pages which they referenced.