For many family-owned companies, one of the greatest obstacles to long-term business continuity is if, and how, ownership and leadership can be transitioned to its next generation.
3 Hurdles that Trip Up Younger Generations in a Family Business
Growing up in your family’s shadow can leave you with big shoes to fill.
October 03, 2022
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Summary.
Most rising generation family members agree that growing up around a family business has many advantages. Less visible are the hidden tripwires of this often-complex family situation. An understanding of these common tripwires and the skills needed to avoid or overcome them can help individual family members thrive, and ultimately support the long-term viability of the family enterprise. New research from the field of positive psychology, with its focus on human strengths, has shown that we can provide a more ideal scaffolding for the rising generation to navigate their path. This article covers three of the most common tripwires for the rising generation, and antidotes for overcoming them.