The Next Gen leaders of a third-generation family business were frustrated. They had transitioned into their expected leadership roles. The business, ostensibly, was theirs to manage. But one problem persisted: their father, the former CEO, still clung to his role, even though he had agreed to relinquish his responsibilities.
This is one of many ways that that greed manifests in a family business. In the case of the third-generation family business, it created dissent among the Next Gen leaders. That dissent then unspooled into resentment—and the eventual decision to ditch the family business.
Greed is only one of the seven “deadly sins” that can hurt family business relationships and long-term success. This article highlights the other “sins” and what families can do to fix negative behavior.
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