The furniture industry was large and profitable populated by many family-owned retailers which faced succession challenges as each generation of the family retired. In general, older family members were poorly suited to reinventing their companies to adapt to changing customer needs, upstart rivals, and new technologies. Moreover, often younger family members in the company lacked the interest or aptitude to lead the company into the future. If a nonfamily member had been groomed to take over, the succession might go smoothly – depending on whether the family members ...
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