A substantial number of family-owned businesses do not have a clear plan for succession when the founder is ready to retire. Up to 42 percent of family-owned businesses have not chosen a successor for when the patriarch or matriarch leaves the business. Often this is because the family leadership perceives the next generation as unready, […]
Next Generation Family Business
Long-term success requires a strong plan for the next generation of your business. How to shape the future of your family-owned business’ up and coming leaders and embrace the new with the wisdom of the old.
As the patriarch or matriarch of your family business, you are probably already managing other family members from Generation X (born between 1963 and 1980) and Generation Y (born after 1980). The differences between our generation and the new generations must be considered in current family business management and next generation planning. Key topics for […]