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Family Businesses: The Essentials by Peter Leach

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4The next generation

Human resource management and leadership perspectives

Succession between generations in family businesses is less straightforward than it used to be. Today’s generation is growing up in a commercial culture that is radically different from that in which earlier family members took on responsibility. Increasingly well-educated, cosmopolitan and independent, they are less willing to be viewed as the automatic heir apparent. Furthermore, in recent years businesses have come to be seen more as disposable commodities – to be started up, grown and then sold – making it harder for young people to identify with the idea of the family business as a sacred trust for future generations. The advantages and disadvantages of joining the ...

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