Preparing a Family Business for the Next Generation

Photograph by John Lund/Marc Romanelli/Gallery Stock

Baby boomers are reaching retirement age at the rate of 10,000 per day, according to the Pew Research Center. That’s prompting scores of family businesses to be passed down to Gen Xers and millennials. Of course, such transitions are seldom easy, and they can be made more difficult due to generational disconnects. I asked family business experts for their advice on intergenerational family business succession. Their dos and don’ts follow.

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