Single Family Membership/PartnershipYoung family business often has one family member or multiple “peers” in a partnership.
Multi-GenerationalThere are multiple generations at various levels of leadership. Younger generations are learning the operations of the business and early stages of leadership.
Working TogetherNext generation has its own visions and often a strong desire to introduce more strategic thinking. Next gen may be leading/managing at mid and lower levels in the organization. Expansion phase is often linked to the family business’ need for restructuring which may include development of board of directors, family governance policies, and family council meetings to create effective management and direction.
Passing the BatonPassing the leadership baton to the next generation. Experts say leadership succession done well is a 14 year process, so this covers a wide breadth of steps and complexity. There is a focus on choosing a successor, grooming, and succession planning. The family may also sell or expand to different markets A Family Business may evolve to a Family Office.