The next generation of family business owners is required to be many things. They are expected to be smart — even smarter than their talented entrepreneurial parents.
They also are expected to be financially fluent. Many will learn financial skills by accident and/or on their own, and this self-taught process tends to happen later in life. A family business parent can start now to ensure the next generation has all of the financial skills needed in order to be a good steward of the family business.