Each new generation brings opportunities and challenges to the workplace. Recorded live at ICSC Detroit, leaders from two Michigan-based real estate families, the Schostaks and the Friedmans, discuss the hard but necessary conversations and choices required to maintain a multi-generational enterprise.
Share these insights on succession planning in family-owned businesses:
· Succession Planning: Establish clear governance and involve family members in decision-making to ensure smooth leadership transitions.
· Leadership Transition: Transferring leadership to the next generation requires structured processes and clear roles.
· Family and Business Balance: Balance family dynamics with business operations, making necessary sacrifices for success.
· Adaptability: Evolve business models and diversify services to stay competitive.
· Economic Resilience: Maintain liquidity and seize opportunities during economic downturns.
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