Succeeding in business for generations
A guide for family leaders
Authored by the Merrill Center for Family WealthTM
After a few generations, many successful family businesses are gone. It’s not a very surprising outcome — after all, mixing business and family can be precarious. But family businesses can also be extremely resilient, profitable and fulfilling. So how can a family business owner pass on a thriving legacy that can be sustained for multiple generations? In our whitepaper, Succeeding in business for generations, the Merrill Center for Family WealthTM utilizes decades of research and experience to describe how successful families handle the challenge. The paper explores several factors, including:
- The critical roles of culture
- How culture and structure are aligned
- How power works in families
- Why roles and preparing for those roles are critical
- How families simulate the future to practice for transition
- What the mindset of the founder is in fostering success
- How both family and business leadership work to help ensure success
While there is no perfect plan for success, private wealth advisors and the Merrill Center for Family WeathTM can help business owners and their families navigate the complex journey from owning a business to becoming an enterprising family.
