In the last century, there have been many significant events causing economic disruptions: world wars, the Great Depression, the 9/11 terrorist attacks, the 2008 recession, and now the COVID-19 health crisis. We can learn a lot from businesses that have pulled through such events.
During the early stages of building a business, most entrepreneurs are not thinking generationally. They are engrossed in the details that make start-ups work: perfecting their offering, acquiring start-up funding, identifying a customer base and reaching it, and making payroll.
Realizing the value family businesses add to our national economy and appreciating the people, principles, and processes we cultivate within our family businesses may offer owners motivation to think twice about preserving these treasures and passing them on.