The challenges in multi-generational family businesses are well-known. The statistics bear out the number of failures when transferred from Generation #1 to Generation #2. So, how can we break this cycle? This article talks about “Best Practices” and provides some key areas for business owners to consider when looking ahead to plan their exit.
Wavebreakmedia / iStock / Getty Images Plus
Too many mouths to feed in 2nd generation family businesses
That which provided a perfectly comfortable (or even extraordinary) lifestyle for a single family cannot do the same for four grown children with families.