by Dr. Patricia A. Frishkoff
Past Director, Austin Family Business Program, Oregon State University
You’ve built a successful business – let’s say it’s a nursery – and you hope to pass it on to the next generation.But you’ve seen succession fail, down the road and across town. So you wonder – why does the transition work in some family businesses, and not in others?As with nursery stock, success grows on strong roots.
Passion.Does the next generation perceive and understand the passion of the senior generation?
We used to visit businesses on our vacation trips when I was a child.That was due partly to our family farm: my Dad and Grandpa knew a lot of people, plus we really couldn’t afford to pay admission to amusement parks. I loved those visits.It was partly about the interesting work that the people did.But, it was more about the performance that the owner gave as he (sometimes she) showed us around.For the eyes, gestures and voices of those owners exuded passion – deep love for the business and their work. More…