Question

According to the article, what is the number one thing that determines if a family-owned business will succeed generation after generation?

a. There is a succession plan in place that determines who, in the next generation, will run the business.
b. Someone in the next generation shares the passion for the business and has the appropriate skill set.
c. The family discusses all aspects of the business every day.
d. There is some level of innovation that occurs in the company.

Answer 1

The number one thing that determines if a family-owned business will succeed generation after generation is someone in the next generation sharing the passion for the business and having the appropriate skill set.

Step-by-step explanation:

The number one thing that determines if a family-owned business will succeed generation after generation is someone in the next generation sharing the passion for the business and having the appropriate skill set.

While having a succession plan in place and discussing all aspects of the business are important, it is ultimately the drive and ability of the next generation to continue the business that plays a crucial role in its long-term success.