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
<p>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).</p>

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

<p><a href="/management-tips/family-owned-restaurants-how-balance-people-profits-part-1">&bull; Family-owned restaurants, part 1</a></p> <p><a href="http://Too few family businesses survive into the second and third generations of ownership. Part 1 of this article considered ways to avoid some of the pitfalls. Part 2 offers ideas for involving parents as well as a succession preparedness evaluation.">&bull; See more Management Tips articles</a></p>

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.

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