The desire to pass the legacy of a family business from its founders to the next generation is widespread, but so are the challenges as leadership changes hands. Both generations have respective strengths that can benefit any business, but generational differences can lead to conflicts as the young take on greater leadership roles.
Members of the seasoned generation possess a focused understanding of their industry and their customers. Their loyalties run deep. They are self-taught and have learned an enormous amount from past missteps. They are committed to hard work and exercise extraordinary patience to obtain results.
However, the veteran generation does not easily embrace change, struggles with delegating authority (especially to their children) and is reluctant to take risks with an established business. The factors that perhaps stand out as the greatest stumbling blocks for this generation are technology and social media. They are rightfully protective of what they have created, often through great sacrifice.
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