When taking on an existing business there may be additional considerations for the next generation. Inheriting someone else's vision is not always easy so what are the challenges for those taking on a second. third or older generation family business?
There will always be two sides to a coin and two sides to every story. The question here is, is it more difficult to be a first-generation entrepreneur who’s made it big from scratch, by hanging on to the thread of a vision and passion that superseded every obstacle and hurdle, or is it more difficult for his/her successor to sustain the dreams, success, goodwill, reputation and values of his predecessor? For a young entrepreneur, though there are many benefits of carrying forward a legacy business, the challenges are far more. In family businesses, the business model has to sail through changing times, technologies, personalities, educations and opinions to eventually be able to reach that one goal every entrepreneur aspires for — profit.