“Equip your family for success in today's world,” by Greg McCann, Family Business Magazine, January/February 2015
Family enterprises often resist change. Families tend to seek harmony and stability, which can easily lead to stagnation. Once the business enters its second generation, members can become risk-averse, sometimes to an extreme.
Innovation should be considered a crucial part of the family's values and purpose. Given the impact of rapidly evolving technology, generational differences and a changing competitive environment, families must be open to rethinking their relationships to their enterprises.
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