Generational transitions can be bumpy for family firms. They can also be an opportunity to grow
When it comes to succession, timing is everything. And here, it pays to plan. If everyone knows a decade in advance who will take the helm, the entire organization can prepare accordingly.
Image: Shutterstock
How does a family business survive for generations? And as the economy continues to change, what can it do to stay competitive?
“For any business leader who has a family or might work with one, these are important questions,” says Matt Allen, a clinical professor at Kellogg and Executive Director of the John L. Ward Center for Family Enterprises.
[This article has been republished, with permission, from Kellogg Insight, the faculty research & ideas magazine of Kellogg School of Management at Northwestern University]