intergenerational succession

When a business is owned by a single family, and is passed down to members of that family from the younger generation, intergenerational succession has occurred. The importance of intergenerational succession is debated heavily. Many make the argument that this type of progression leads to corruption. In contrast, others argue that a family owned business has a higher 'moral' obligation, and therefore will be less likely to foster corruption. Realistically, the argument is irrelevant. Business decisions should be made according to lawful financial prosperity. If continued family management will produce the greatest financial gain, it should be chosen. If employees from outside of the family are better able to produce financial gain, they should be hired.

Fast Facts

Intergenerational succession occurs most often with farms in America.
Many studies have been conducted to track the outcome of intergenerational succession in businesses throughout America.

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