Family Fun?
When a business has been in the family for more than one generation the number of family member shareholders can grow significantly. The minor children in the newest generation probably have little or no comprehension of business in general, let alone the family business. It can, however, pay dividends to educate the newest generation as early as possible about what the business does, how is works and who’s involved. Learning about these and other aspects of the business can help a child decide if he or she wants to be involved with the business and to understand the impact the business may have on the family and the child in particular. A recent Family Business Magazine article outlined a fun way for kids to learn about the family business. At the annual retreat the family would separate the kids into teams and have various competitions—disassembling and reassembling certain company products, thinking up new products, trivia games and scavenger hunts. Everything revolved around the business, its products, its customers, the family and the family history. This type of “education” can be fun and informative and is likely more effective than trying to have an eight year-old sit through your own version of Business and Economics 101. For more information about family business go to:
