Blog - Transitional Business
Category: Transitional Business
Business Success Through The Generations
Only 75% of all family-owned businesses are third-generation operated. Passing the torch on to the next generation can be difficult. Vend Advisors is here to lend a hand in making sure your business stays successful for generations to come. The Hand-Off Having a multi-generational business is hard on its own. Passing the enterprise down to the next generation can be a difficult task. There are numerous cultural and technological differences between each generation. Having established communication between each age group is essential to the continued success of your business. No particular group should feel isolated or disrespected. Otherwise, a fumble can take place within your business which could result in How Do You Have These Discussions? The first step is to acknowledge that these discussions need to occur before passing the torch. If the elephant is in the room, you can't hide it. It would be best to deal with the elephant to move things along. Dealing with generational problems through open discussions will help influence decision-making and perspective. Be accepting of the other generations. How Vend Advisors Can Help Once your family-owned business decides to have these discussions, we can help by facilitating these conversations. We can act as a mediator in a safe and private environment so that your family can establish meaningful and civil discourse. Learn More Vend Advisors is here to help! Please br
