Where there is unity of vision, mission, purpose and a deep level of trust, a family can create a powerful business entity. Truly successful family businesses have a long-term commitment. They are built to last for future generations. First-generation entrepreneurial business owners often find they have little life outside their businesses. Therefore, when it comes time to think about retirement, they begin to panic.
Work is all they know.
Therefore, planning for leadership and ownership succession gets put off. And often it's put off until it is too late. When you don't know where you're going, you usually end up somewhere. Or, worse yet, you end up nowhere. You need a 'dream' for the future of the business and for family involvement in it, and you need to share the dream with others.