Next Generation Issues and Solutions For a Family Business
Children may not automatically want to be part of the family business. Sometimes children who have grown up in the business become bored, uninterested or lack the desire and drive necessary to successfully run the business in the future. They may actually take the business for granted, assuming it will always be there for them. Understanding this going in, a family business can more effectively plan for generational issues in the growth and future of the business. Preparing the Next Generation The questions to ask are: Why do children join a family business? What are their motivations? -- To Influence the Family: This can be a good thing or a bad thing, depending on the kid's underlying motivations. A Family Business should foster a mission which positively influences family members, not provide ammo for the children to attack each other. Positive Influences include: - Family Education Fund/ Emphasis on Continuing Education - Foster an Atmosphere of Openness & Learning -