The generation gap in a family business can lead to a rocky transition.
For starters, generational differences in values, work styles, and perspectives on the business can create a divide. It may even lead to misunderstandings and conflict about where the company is headed. Successors may feel their ideas are better. Or they can do things more efficiently. This mindset often leads the Rising Gen to dismiss the senior generation’s wisdom and experience.
The adage “respect the past” is especially important for successors to remember during transition.
Check out four additional ways successors can ensure a smooth succession transition in “Building Bridges Between Generations in the Family Business.”
Read about how successors can ensure a smooth succession transition here.
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