My parents built a company from scratch, with no business degrees and no manuals telling
them how to do it.
Our generation arrived far better prepared academically. But over time we discovered
there were things no MBA had prepared us for.
Working with your parents. Making decisions with your siblings. Keeping a business
argument separate from a family meal. Finding your own space without giving up the
legacy. Talking about succession. Managing personal differences. Learning when to defend
an idea and when to listen.
And that has taught me that protecting a family business also means protecting the
relationships behind it.
Today the third generation is starting to grow, and I am even more certain that
preparing them to run companies won't be enough. We will also have to prepare them to
manage relationships, emotions, responsibility and legacy.