I spent the past week
with a couple of entrepreneurial families.
Both families are in the process
of passing their very successful businesses
from the founding generation
to the second.
One of these founders
stressed that he gave his two children
the option of NOT joining the family business.
He actively encouraged both sons
to obtain degrees
in other fields.
The sons worked in these other fields
before deciding to join the family business.
When they made the transition,
they were given choices
about which department
they’d be working in.
When they decided to take
the parents stepped back,
filling the role of consultants,
often working out of home,
not in the office.
These sons are more engaged
and enthusiastic about their fate
than I’ve ever seen a second generation be.
Because they were given
and know they still have
Considering giving the heirs
to your business
No one likes to feel trapped
even if that cage is made of gold.