How To Implement New Technology in a Family Business Generational Transition
Changes with leadership can bring tension, but they don't have to
Running a family business undoubtedly takes hard work, passion, and perseverance. But working alongside your own family also brings a whole slew of unique challenges, especially when it’s time for a family member from a younger generation to take over from a family member from an older generation.
An article from Inc. Magazine states that “according to the U.S. Bureau of the Census, about 90 percent of American businesses are family-owned or controlled,” and they “account for half of the nation's employment and half of [the] Gross National Product.” Family-run businesses are more common than you might think, and so are the challenges that come with it.