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From a Business for a Family to a Family Business

In: Entrepreneurs in Family Business Dynasties

Author

Listed:
  • Laura Hougaz

    (Study Connections)

Abstract

The second generation (G2) in this book is a very important generation because it is positioned between the founding generation (G1) and the third generation (G3), thus exposed to both migration and integration. To be in the middle requires a special skill in balancing the expectations and ambitions of the G1 and those of the G3. The G2 is a humble, patient, but determined generation. They are the consolidators. It is their role to consolidate and strengthen the business, guaranteeing its continuation, because it is usually at this point that family businesses disintegrate and collapse. As the business grows, the G1 reluctantly hand over the reins to the G2 who have been waiting to play a meaningful part in the continuation of the family firm. This chapter concentrates on personal aspects related to the intergenerational transfer from the founders of the family businesses to the G2, including some of the G2’s reflections about succession to the G3. It explores the commitment of the successors to family business and examines the personal, family, and business values of the G2 members that continue to build on the solid foundation that they have inherited. The G2 demonstrate high levels of enthusiasm and energy, and a great degree of perseverance. These qualities, together with a willingness to take calculated risks, contribute to a successful generational evolution of the family enterprise. The personal cost of their unswerving commitment to the family business, however, is high in terms of time, energy, dedication, and compromises.

Suggested Citation

  • Laura Hougaz, 2015. "From a Business for a Family to a Family Business," Management for Professionals, in: Entrepreneurs in Family Business Dynasties, edition 127, chapter 9, pages 177-210, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-319-13918-0_9
    DOI: 10.1007/978-3-319-13918-0_9
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