Good insight from Dennis Jaffe on what makes for a successful family business. Professionalising the family and the business certainly help!
As they cross generations, owners of a family business struggle to keep their family in harmony and their family enterprises fruitful. Few family enterprises survive more than one generational transition intact. My colleagues and I interviewed family leaders of nearly 100 large global business families, who have multiplied their wealth and sustained an aligned family across three generations or more, asking them about the elements that account for their successful run.