There is one point at which family businesses are especially vulnerable, though -- when leadership is transferred. There’s a whole academic literature on family-business succession, the basic conclusion of which is: it’s hard. Do you go with the eldest son who has been groomed since birth to take over, or the younger daughter who’s twice as smart? What if the kids don’t get along? What if they’re not interested in business? What if they can’t control their anger around macadamia nuts?
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