Throughout history and in every corner of the world, family businesses are the social fabric of every community. These businesses come in every size and are in virtually all industries, from agriculture to finance, hospitality, manufacturing, and retail. They are also among the main drivers of each economy. For example, privately held businesses drive around 65% of the US gross domestic product.
There is so much at stake today, with the largest transfer of wealth in human history underway as the Baby Boomer generation retires. Unfortunately, many family business leaders are unsure of how to successfully transfer their financial and capital assets to the next generation, according to Doug Gray, Ph.D., a highly experienced leadership consultant and executive coach who focuses on the issues faced by family business leaders today. He adds that many of his clients are struggling to identify how the next generation of leaders can assume proper responsibility for that wealth, while many Next Gen leaders wonder how they can prove their capabilities.
