Be prepared to reinvent your business

In an ever-shifting economic climate, no business model should be considered permanent. The business leaders of today are likely ill-equipped to train the leaders of tomorrow.

When assessing future possibilities, try not to think of your business as a set-in-stone entity. It might even be wise to consider selling the business and putting the assets into a family office until your family identifies its next venture.

In today’s world, an enterprising family must proactively prepare for rapid change. The concept of “transition” must go beyond the shift from generation to generation; it must also incorporate the notion of an evolution from one business concept to the next.