Since the definition of a family business remains unclear, I have limited its embrace to the two-generation business where the intent of the owner or founder is to pass the reins on to his son or daughter. The vignettes and case studies offered here have been mostly examples of what can go wrong in these family businesses and why things do go awry. They reflect many of the reasons why the duration of family businesses can be so short, not extending beyond the second generation. However, not all firms that declare themselves to be family businesses are in fact meant to last beyond the first generation. For example, a founder who values his business primarily as a business may feel that the next generation is not up to the task of managing ...
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