Until not too long ago, senior male entrepreneurs may have seen no significant place for their daughters in the family business. Much of that has changed in recent years, and more and more women are stepping into the shores of leadership.
Daughters-in-Law
Daughters-in-law are particularly vulnerable to misunderstanding about the family business, especially if their fathers worked for public companies. Perhaps due to chauvinism or to the frequency of divorce, senior entrepreneurs seem reluctant to discuss business details with daughters-in-law. Many sense this and feel rejected. If there is sibling rivalry between brothers, a wife usually sides with her husband, and against her sister-in-law. This situation can become expensive.
Sons-in-Law
An old saying suggests that sons-in-law seldom rise above vice-president, at least if the entrepreneur has sons in the business. A capable son-in-law may be torn between loyalty to his wife's family (especially if encouraged by ample conversation), and realization of his own potential outside in a competitive world. On the other hand, if the entrepreneur has no sons in the business, a son-in-law might be an ideal successor.
Intergenerational Transition Planning:
Family Assessment & Management Strategy
Intergenerational planning is indispensable to the continuation of a family business. As indicated at the outset, the key to intergenerational planning involves careful family assessment and a thorough management transition strategy before estate planning begins.
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