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One sensitive issue for midsize companies, particularly family-owned businesses, is succession. How does one generation pass on control to the next?
MR. KEYT: Family business, when leveraged correctly, can actually be a great opportunity for millennials. Millennials love to have meaning and purpose in what they do, and when a family is behind the business's values and its vision for the future, it can be really empowering to a millennial.
MR. BERMAN: It doesn't make much sense for a family business to be passed on to family. It should be, at least in theory, passed on to the person with the best economic outcome for that enterprise.
MR. KEYT: The best family businesses have that approach. Family businesses, when working well, understand that we have to do what's right for the business, and to balance that with what's right for the family and the family's economic interest.
MR. BERMAN: What percentage of businesses have that enlightened view on the world?
To read the full article, go to: http://www.wsj.com/articles/the-difficulty-of-succession-for-family-businesses-1464832923 |