An old adage states that family businesses often go from “shirtsleeves to shirtsleeves in three generations”. The buccaneering entrepreneurs of the first generation make the money, the second generation enjoy it, and the third squander it.
It is a tale of woe every successful business person wants to avoid. But as current succession dramas like the current frictions in the family of Rupert Murdoch demonstrate, it can be highly tricky to pull off, especially in the public gaze.
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