Buisness Week

In conformance with your request, the following is an abstract and summary of the article “Minding The Family Store for the next generation”.

The purpose of the article is to show how there are a lot of small business that will fail when they are handed down to second and third generations. The article gives statistics on how few companies there are that are successful after they have been handed down by the original creator of the company.

The approach that the other took in the article was to find out how many businesses are successfully handed down and to question as to why some businesses are successful when they are handed down to the second and third generation. He also wants to find out what causes some business to fail when they are given to the next generation. The purpose of all this is to prove that small business can still compete in a world with such large corporations if they are to be run correctly.

The conclusion of the author is that the reason that small businesses fail when they are handed down is not because of other large corporations but mainly because of internal problems within siblings that take over ownership. For example, he concluded that many fail because the siblings cannot agree on how to run the business once the original owner hands it down or passes away. Some siblings argue on whether or not they should branch out the business more and expand to new products and services while some believe they should keep their products the same. In the article it is shown how the sisters who took over their fathers business each manage different parts of the business but make decisions together and after discussion. They even made their fathers old office a conference room when he handed it down because they felt like he made decisions on his own and did not allow others to show input.

My opinion of the article is that it shows valid points as to why a lot of successful small