If you are looking forward to carrying on the family business (fambiz) after the owner/manager/ founder e.g., dad or mom, retires, or dies it is time for you to know that as the second generation you have about a 50 percent chance of being successful. If you are the third generation, the forecast is a dismal 90 percent failure rate. This is a pretty scary scenario for someone who was probably brought up in an affluent and financially secure environment. You and your other "next generation" (nextgen) family employees should focus on methods to overcome these depressing probabilities. As a consultant to more than 70 fambizs in the last 20 years, I have learned many reasons for the failure, or success, of nextgens. Much of the blame for failure can directed to the owner/managers (OMs) for not properly hiring, training, and communicating with their successors-problems which have been addressed, in depth, in many publications and seminars. Unfortunately, the preponderance of this advice is targeted for the OM with very little intended for the nextgens. They, as subordinates in the business, can not significantly change the OMs' methods. Consequently, this article will focus on advice to them.
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