“the night before closing the deal. My brother and I sat in a car in the parking lot outside the office building and reflected about whether we failed in carrying on the legacy”
Many family businesses are caught in the dilemma of whether to pass along the business to the next generation or sell the business. The senior generation needs to plan for retirement and feel confident that the younger generation can run the business, and the younger generation has to decide whether they want to stay involved or move on to a different career . Unfortunately, most of the time the family legacy affects the decision. This legacy can become a burden and lead to a demise of the business if the succession plan includes a younger generation who is continuing on for the sake of the legacy of the founders rather than following their true ambitions.
In our family business, our parents removed the legacy issue as an issue, by More…
Sustaining the Benevolent
Intent In Family Business
by Tetty Gorfine, M.A., President & Owner
(Business and Organizational Consulting)
I believe that many family businesses exist for the very best of reasons. Just to name a few; families want to spend time together, share in the joy of success, invest in the well being of those they love, and parents wish to pass along a good and secure life. Children want to carry on the family name and desire to perpetuate the growth of the family business.
There is no doubt that these and many other benevolent reasons create and sustain the family business. There are of course situations where family members would benefit by not working with relatives which is an entire subject onto itself. However, in situations where working together serves the best interest of family members it can be confusing when good and well intended people find themselves, at times, amidst conflict and opposition with those they love. How, then, can family members recreate their best intention to support and love each other in daily business and in times of transition? More…