Being a multi-gen family business is no easy task. The death rate (either through merger, sale or other means) is so high that this may mean that there are no general rules for survival, only exceptions. The principle of Survivorship Bias applies — maybe multi-gen survival in the family business context is a random phenomenon, in which case, this article may not be of much use.

What makes the study of family business interesting is just how highly differentiated the best practices are among successful multi-gen businesses. What works for one family may be anathema to another. Yet, the collective best practices form a mosaic from which we can discern some key strategies and themes. Those are what I wish to share with you today.