next gen

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

Many current owners of family businesses are refusing to retire, leading to frustration among the next generation of family members. 

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

This week has seen a spate of bad – and in one case tragic – stories involving the children of wealthy people who have gone off the rails. China offers lessons for dealing with entitled next gens. 

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.