Summary: Andrew Keyt, an expert on family businesses and a well-known author, leader and consultant, shares some essential insights about family business succession.
Featured Guest: Andrew Keyt, Director of the Family Business Center of Loyola University of Chicago’s Quinlan School of Business.
Key Quotes:
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“The shadows of parents in a family business can be very daunting. You’re born into a story that’s already being told about how mythic their successes are. It’s hard for a successor to find their identity in the mist of all that. You’re born into a myth and you can feel like a mere mortal in the midst of all those shadows.”
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“The next generation wants to push and grow and develop, while their parents want to solidify their legacy and create stability for the next phase of their journey.”
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“The challenge of a successor is to be true to who you are. Learn to write your own story, one that embraces the history and looks at the challenges of the future in ways that are authentic to you.”