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.
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.