Crosby, Stills, Nash and Young, the folk rock supergroup, offered some pretty good advice when it comes to family business and the next generation with their song “Teach Your Children Well”. Too often I am called into enterprising family situations where the struggles of the next generation are related to a lack of formal plans to pass along hard-won knowledge from the senior generation. While we often think of the stereotype of a senior generation leader who will not let go, I recently encouraged Read more »
Next generation
Bringing Children into the Family Business
One of the main ways that a single entrepreneur takes the first step toward a “Family Enterprise” is by involving the next generation: children. Often, this process is informal; summers and weekends turn into a full-time job after college or right after high school if college is not in the cards. There is, however, such a thing as being too informal about this transition, and it can and does lead to trouble down the road. Here are some suggestions for Read more »