(5) Carol Hymowitz, Minding the Family Store for the next generation.
www.bloomberg.com/news/articles/ ... succession-planning
Quote:
"Founders who have their name on the door and whose reputations are intertwined with their businesses often are reluctant to hand the reins over to heirs and do little succession planning, says Charles Mueller, Northern Trust’s executive vice president and director for trust and financial advisory services. 'So many entrepreneurs are control-oriented'
"Only 30 percent of family businesses survive into the second generation. Just 12 percent are viable into the third and 3 percent beyond that, according to the Family Business Institute.
Note:
(a) summary underneath the title in print: A century-old retail business lays the groundwork for succession.
(b) "As a teenager, Caryn, the middle sister, chastised her parents and siblings for talking shop at the dinner table—such as which customer bought a Chanel suit—instead of discussing politics and world events."
talk shop: "to speak about one's work, esp when meeting socially, sometimes with the effect of excluding those not similarly employed"
www.collinsdictionary.com/dictionary/english/talk-shop
(c) “When Lori read books on merchandising, ‘my father said I was wasting my time because it was all about intuition,’ she recalls.”
merchandise (vt):
"1 : to buy and sell in business
2: to promote for or as if for sale <merchandise a movie star>"
www.merriam-webster.com/dictionary/merchandise
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