How To Succeed In Transitioning A Family Business To The Next Generation

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I am president of Ventureneer, which specializes in defining and eliminating problems that hold underrepresented entrepreneurs back, especially minorities and women. Our work provides clients with branded research, training and content opportunities that generate thought-leadership, visibility, sales, and brand loyalty. I am a WE NYC and digitalundivided mentor as well as an advisory board member of Million Dollar Women, Women Startup Lab, and Aleri Research..

But, there were struggles. As the founders of RCI, her parents were very involved in decisions. “I don't mind conflict, but I didn’t want it to make things contentious with my parents,” said Balwani.

Harvard Business Review Family Business Handbook: How to Build and Sustain a Successful, Enduring Enterprise.When Nisha started to seriously consider going back into the family business, she emailed Baron. Her relationship with her parents was the most important in her life. She didn’t want decisions related to the family business to jeopardize this.

“We were really thoughtful [about how to move forward],” Nisha said. “Speed is not always the right driver. I didn’t want to become CEO, to find out people were not happy to see me in that role.” Did the company have the right people on the bus, a concept developed by Jim Collins’ in his book. You don’t need to figure out where to drive the bus and then get people to take it there. First you get the right people on the bus and then you figure out where to drive it.

 

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