Tips for Preparing the Next Generation to Take Over the Family Business
Studies show that less than 10 percent of family-owned businesses make it to the third generation. While there are many reasons for this including market forces, one of the biggest reasons is that the subsequent generations aren ’ t interested nor prepared to take the lead. However, this doesn ’ t have to be your company ’ s story. You can ensure the next generation takes an interest in your company by: 1. Sharing the history and vision of the business with them This is something that you should start as soon as possible. Hearing stories of how the business was established and what the founder ’ s vision was will help to instill a sense of pride in your children. You can choose to write the story down or even simply discuss it with them while viewing photos or videos that highlight the business ’ history. 2. Expose them to the business early Start exposing your children to the business early. This ...