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Many successful entrepreneurs are reluctant to let go of the businesses they started, but in holding on too long, senior-generation family members inadvertently damage the things they love the most: the business, their children, and perhaps even their grandchildren.
There are business, psychological, family, tax, and other rationales for letting go. While there’s an exception to every rule, it can’t be stated too strongly that holding on too long with an unrealistic desire to control the affairs of the business and your children is a dire mistake. It’s simply good stewardship to perpetuate your business and pass opportunity along to your children and key nonfamily managers, gradually releasing the reins of control.
Family Business Institute
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
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