There are two distinct acts in a family enterprise story. The first act follows the founder as they build their business from the ground up and become uniquely successful. That success leads to an accumulation of wealth—which then results in the second act. This is where founders struggle the most.
In order for the second act to be just as successful as the first act, founders must practice a different approach to business decision making. It is no longer about building a business but about creating a family enterprise, and sharing decision-making with family members, including spouses and children.
Another way to think of this is as the founder “giving up control.”
Why do founders have a hard time giving up control? And what do they most fear when it comes to wealth accumulation and engaging their family? This article has the answers.
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