The charisma and capabilities of the first generation are often the key drivers of the early development of the family business, but they may impose great pressure on the second generation during the succession process.
An estimated $10 trillion is expected to change hands and be managed by second generation entrepreneurs. It is certain that the economy of the nation as well as the world will be driven by these second generation entrepreneurs.
Technology, competition, and the ever changing workforce in today’s business environment certainly makes it more challenging for these new entrepreneurs.
This will be coupled with the active involvement of the first generation in decision making as well as the running of the business.
As the first generation steps down, what should the second generation do to consolidate its role in the family business?
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