advisory boards

3 Habits of Highly Successful Family Businesses – #1 Advisory Boards

Why is it that so few family businesses make it into future generations?

Often the earlier generation in a family business rides a wave of success and everything in the business and family runs smoothly. Like a sports team, when the team is in first place the clubhouse issues are smoothed over, but when the team falls into last place, frustration builds and negativity takes over the team. In an established family business, the issues develop when either the success of the business slows down or the next generation is entering the family business. Everything just gets more difficult towards the end of the first generation’s run.

There are three things that family businesses use to maintain success and smooth the transition into the next generation:

More…