Success Across Generations
Making Your Family Business Succeed Across The Generations
Only 30% of family businesses make it to the 2nd generation, 12% to the 3rd generation, and 3% of all family businesses remain in the family by the 4th generation. The family's culture is a determining factor in whether a family business continues in the family.
In this very personal talk, Mitzi reveals some of the attitudes and approaches that Frank Perdue used to foster a strong family culture. Interestingly, he felt that creating a culture of values is as important as anything a family business does, and he always made it a priority. "When a family business has a strong culture," he used to say, "family members are willing to work hard for something higher and more important than just ego or money: the family."
- Instill the values that make a continuing business possible
- Consciously role-model to strengthen the family culture so the family business remains intact.
- Prepare the next generation for their business and philanthropic responsibilities