Dinn, Hochman & Potter, LLC

Family businesses can benefit by adapting to generational changes

In every aspect of life, there can be profound shifts in attitudes between generations. Society is constantly evolving and what was once considered a normal mode of behavior is now thought of as being old hat or even just plain wrong.

And these sorts of societal shifts can profoundly impact the manner in which businesses operate. For example, women are far more likely to be part of the workforce and work their way up into prominent positions within a company than they were three or four decades ago.

Family businesses are not immune from having to adapt to social trends. It is not unusual for members of multiple generations to be working together in a family business. And according to the writer of a book focused on family businesses, it can be very challenging to keep up with generational changes.

The writer points out that while generational shifts can cause conflict, especially when it comes time for younger family members to take on leadership roles in running the business, adaptation can also provide benefits. As such, family firms should not only acknowledge the generation shifts but also recognize how each generation can help contribute to a firm's success.

The writer also emphasizes the need for a family business to create a succession plan that can help expedite the transition from one generation to the next. Crafting a succession plan is just one of the many important services that an experienced business law attorney could provide to help your family business thrive and survive.

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