“Make sure you give your children enough information about what you do and how you do it and its potential for them to make good choices,” he said. “Be open and honest with your children.”
Be sure to explain the concepts of continuity and stewardship, he advised. Doing so will help the next generation understand the company’s core values into the future.
“Create a pathway that is achievable and makes sense for those (family members) who want to aspire to leadership in the business,” Baskin said. Additionally, work to develop “good owners” who may choose another career path, but one day could still serve as board members or in other ownership positions and run the company in a profitable and respectable business manner, he said.
“There is a responsibility that goes along with that inheritance,” Baskin said. “You have not just the ability to enjoy this (family business opportunity), but the responsibility to grow it, nurture it and pass it along.”
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