The chosen successor was insufficiently prepared to assume leadership. Irreconcilable problems existed among family members. Interestingly, market conditions were not a key issue, as the businesses were growing at the time of sale or failure. However, many family businesses demonstrate an ability to deal with the challenges created by multiple goals and roles. Family business management develops, communicates and follows business strategic plans.
Family businesses have an active board of directors that includes nonfamily members.
Family business members follow a process of lifelong learning that addresses family business issues. The Wake Forest Entrepreneurship and Family Business Initiative is a new outreach program of Babcock's Center for Entrepreneurship that is dedicated to this purpose. The initiative will roll out its initial agenda during spring 1999. Dr. Stan Mandel , Ph.D., CPA, PE, directs the Center for Entrepreneurship .