To stay apprised of the specific needs and challenges of family businesses, we again commissioned the expert assistance of market research firm MacKenzie Corporation, a second-generation family business in Orange County, California, to conduct our 2024 Family Business Survey. Read more about three optimistic findings from this year's results.
This article discusses the different experiences of family business wealth inheritors. For some, the experience gives them purpose. For others, wealth is a double-edge sword. Find out how to guide the next generation to find a meaningful path of their own.
This article, “Merit or Inherit: How to Approach Succession in a Family Business,” written by Josh Baron, Senior Lecturer at Harvard Business School and Co-Founder/Senior Advisor at BanyanGlobal, and originally published by HBR.org, describes a path to succession using a blend of both the “merit model” and the “inherit model." Using both models is far more likely to set the next generation of family members up to succeed.