Follow Us: Small Business Tip of the Day: Keep It All In the Family

Family business owners, their family members and shareholders came together at the Family Business Magazine’s Transitions East Conference earlier this year to discuss their experiences with multigenerational family businesses. This year’s theme focused on preparing the generations for success, and panelists shared several approaches for maintaining the family connection such as giving all family members an equal vote, creating a family council and bringing in external expertise to run the family office. They also suggested that no matter what tactics a family business uses, the role of the founding generation is critical in establishing a strong vision and framework for success.

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