Succeeding in business for generations
A guide for family leaders
Authored by the Merrill Center for Family Wealth®
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 Wealth® 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 Weath® can help business owners and their families navigate the complex journey from owning a business to becoming an enterprising family.
