Keeping a Family Business Running Smoothly Generation after Generation
This article discusses three dysfunctions that are commonly seen throughout family businesses. Chris Yonker, the author of the article, says that following the steps of over-achievers can be a bad way to help ensure the family business continues to run properly. Often children are faced with the challenge of following the footsteps of their parents, even if they do not want to follow their steps. Parents that focus too much on their business instead of their children can “lead to detachment, guilt, and even substance abuse” for their child. Yonker also believes that taking away a child’s opportunity to take personal responsibility for their actions can lead to problems in the future. Thirdly, Yonker states that children with a sense of entitlement are detrimental when expected to hold the company in their hands. To gain a sense of love and self-worth, “children need permission from their parents to be exactly who they are — not what anyone else expects them to be.” To learn more about how to properly hand down the family business, click the link.
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