We have all heard statistics stating 67 per cent of family businesses won’t make it to the second generation and 88 per cent won’t make it to the third. (For more, see the fourth edition of Family Business by Ernesto J. Poza and Mary S. Daugherty, published by South Western Cengage Learning in 2014.) One of the contributing factors to these dismal numbers lies in the fact the next generation’s inability to manage or lead the business.
Should I go back to school? Dad, will you tell someone to mentor me or can you do it? Who is going to teach me sales and finance? These are questions I often hear from next-generation successors who are aware they don’t have the skills to lead. More importantly, they want to acquire these skills but aren’t sure how to go about it or what type of training or education will help them the most.