Managing succession in family businesses
I prefer to work with family businesses than so called professional organisations. My reasons are simple. Family businesses have always appeared to be more sincere in their objectives. Hence, their chances of implementing changes / improvements successfully are always higher. And so, working with them I stand higher chances of tasting success and satisfaction. However, family businesses, particularly the more unorganized ones and smaller ones face one serious business challenge. They find it difficult to pass on the baton to the next generation smoothly. Sometimes (a) in smaller businesses, the next generation may not find the business appealing enough to get involved, or, (b) even if they join the family business, their ways of doing work isn't acceptable to their predecessors. In the case (a) above, the business owner loses motivation in scaling up or running a good business and performance gradually worsens. In the case (b), there is regular conflict in the two genera