ENTR 3P98 Chapter 4: Chapter 4
16 Feb 2012
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Chapter 4 - succession: continuing entrepreneurship and the next generation. They know the business well; ideally, they like or even love the nature of the business. They know themselves and their strengths and weaknesses, having had the necessary outside experience and education. They are guided responsibly by the previous generation, by advisors, and by a board of outside directors. They have good relationships and the ability to accommodate others, especially if part of a successor team. They can count on competent nonfamily managers in the top management team to complement their own skills. They have controlling ownership or can lead, through allies, as if they did. They have earned respect of nonfamily employees, suppliers, customers, and other family members. Their skills and abilities fit the strategic needs of the business. They respect the past and focus their energies on the future of the business and the family.
