Family enterprises are the most common form of business, but also one of the most complex forms. When transitioning a family enterprise to the rising generation, more than the financial assets are at stake. The family’s cohesion and the relationships themselves are at great risk. Building a true multigenerational family legacy demands continuously working side-by-side and intentionally managing change as both the enterprise and family members evolve.
Preserving family wealth is a dynamic process. It is important to help all family members, no matter what age or stage of life, be effective contributing members of their family enterprise team. Creating collective family development opportunities is among the most effective ways to build family capital and ensure advancement occurs. Further, as family enterprises grow in size and complexity, it’s critical to move beyond individual development and to advance the entire family.
Joining us for our discussion on Developing The Next Gen is Barbara Dartt who is on the phone from her East Lancing Michigan. Barbara Dartt is a Principal Consultant for the Family Business Consulting Group. She has more than 20 years’ experience helping individuals and family groups grapple with the joys and challenges that are a natural part of families owning and managing businesses together.
Her new book is, Own It! How to Develop a Family Enterprise Owner’s Mindset at Every AgeWelcome to Mastering Your Money, Barbara Dartt