Forbes: Second-Generation Entrepreneurs: How To Grow A Family Business
Article Publish Date: May 17, 2023
Entrepreneurs bring many ambitions to the table, including, perhaps, someday bringing their children into the enterprise. A successful business can thrive and grow for generations, so it’s natural to want your family to continue the legacy and cultivate the business’s future.
Although developing a family business sounds straightforward and beneficial, transitioning and expanding the business from generation to generation has many risks, challenges and complexities to consider.
In any business, if the future is well planned, risks are managed, and challenges are faced head-on, then the sky’s the limit. In the case of a family business, the potential to succeed is even greater because shared values, common goals, mutual respect and a winning culture can transcend generations.
Here are some important considerations for second-generation family businesses pursuing growth.
Maintaining The Legacy
Our family business, Lavi Industries, has been an established leader of manufactured and digital public queuing solutions for more than 45 years. From a young age, I was exposed to the people, innovations and leadership of Lavi Industries, which sparked a curiosity within me. Having pursued careers in marketing, real estate and other technology ventures, I realized my destiny was to join Lavi Industries and build toward the future.