ViewPoint

Cliches about “shirtsleeves to shirtsleeves in three generations” are nonsense, but families have to deal with increasing complexity as their business matures.  

Business schools are keen to teach next gens, but the lessons they teach have to be adapted to be useful when students get home. 

Families are swamped with advice about how to prepare the next generation to take over a business, but those who are retiring should be supported too. 

Family firms can be obsessed with control of the core business, but this is a mistake. Instead, they should concentrate on finding new opportunities. 

No generation has been studied as much as the Millennials, so how do you encourage them to come into the family firm? 

Family firms might not immediately spring to mind when you mention disruptive innovation, but they should. Their long-term outlook makes them ideal for investing in new ideas, and periods of succession open managers’ minds.