There’s an undeniable emotional appeal to the idea of a multi-generational business. For many people, even just hearing the phrase “family business” implies parents, children, and even grandchildren working together, with younger generations taking over control of the business and continuing its success after the founders retire, die, or otherwise pass the torch. While this business setup can be beautiful and intensely meaningful, it can also be dangerous if assumed as a default and not given proper, intentional consideration.
When the time comes to make this decision, three overarching questions need to be addressed. By thinking these through, you can come to an intelligent, well-reasoned answer that works best for your business and your family.
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