Family Heirloom: Odds Are Against Family Businesses Successfully Passing From One Generation To The Next
In South Florida CEO, October 2007, Benjamin Tobias was quoted in the article Family Heirloom: Odds Are Against Family Businesses Successfully Passing From One Generation To The Next by Gina Pace. Transitioning a business between generations requires concessions from both parties. Ben explained that parents must let children become decision-makers while younger generations must learn to differentiate between criticism from their parents directed to them as an employee as opposed to parental disapproval as their child. “Both sides understand that the relationship, for business purposes, is going to change substantially.”