Opinion: Professionalizing family businesses – Mike Eldon

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Business Daily | by Mike Eldon

Four years ago I wrote a column on the intergenerational challenges facing family businesses, admiring the way those who overcame such challenges did so while noting how too often the founder was reluctant to empower subsequent generations.

I want to return to that topic today, thanks to the opportunity I have benefited from over the last few months to meet with a good number of owners of medium-sized family businesses.

In some cases the founding father was still very much in control, as his sons (occasionally these days his daughters, too) have been getting to grips with leadership; in others, the elder had withdrawn somewhat, just coming to the office for short periods of time; and in older-established businesses third and fourth generation family members have now risen to prominent positions…

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