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Key Takeaways Family businesses aren’t a fallback plan. They’re among the most powerful engines of entrepreneurship in the world.
With a family business, you inherit an in-progress story, and you have a unique advantage in that ideas don’t stop when the workday ends.
The goal isn’t to preserve everything exactly as it was; it’s to protect the values that built the company while constantly evolving how those values are delivered.
Understand that reputation compounds faster than revenue, and ask, “Will the next generation thank us for this decision?” instead of “Is this good for the company today?”
Our client walked out of her MBA admissions interview in tears. She had spent several minutes explaining the multi-generational family conglomerate she hoped to one day lead when her interviewer, an alumnus rather than a trained admissions officer, asked a question that stopped her cold.
“If you’re just going back to your family business, why do you even need an MBA?”
Then came the line that stung even more: “Our program isn’t interested in family businesses.”
She was stunned. I wish I could say I was, but I’ve become used to our students recounting inappropriate questions from alumni interviewers.
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