In a family business the older generation has tacit and explicit knowledge how the business operates and the younger generation has explicit knowledge what is happening outside the business Thinkstock

In a family business, the older generation has tacit and explicit knowledge (how the business operates) and the younger generation has explicit knowledge (what is happening outside the business).

Family-owned restaurants: How to balance people, profits, part 2

• Family-owned restaurants, part 1 • See more Management Tips articles

Say "family business succession" and people think of mom and dad retiring to the golf course while their sons and daughters take the reins. What seems like an idyllic life for the senior generation, though, can be challenging emotionally for the individuals and financially for the business.

"For people who have spent their lives in a family business, that enterprise has typically been their passion and their identity," says Paul Karofsky, Founder of

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish