06/20/2024

Four Tips for Managing the Succession Challenge

Generational transitions can be bumpy

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,” said Matt Allen, a clinical professor at Kellogg and Executive Director of the John L. Ward Center for Family Enterprises.

By some estimates, ninety percent of businesses are family-owned. And while few are as consistently Shakespearean as the fictional Roy family of HBO’s Succession, many have to navigate complex family dynamics in the immediate term to set themselves up for success in the distant future.

Please select this link to read the complete article from The Kellogg School of Management at Northwestern University.