In traditional business settings, parents, children and other family members face various challenges. Below given are few of them:
Related to Parents
Many children do not want to pursue what their parents are doing.
Many feel that their children cannot with stand the hardships they had faced in their early phase of struggle.
They see their children’s energy level and restlessness as nothing but a manifestation of sheer aggression with insufficient experience to realize their phantom desires.
Related to Children
They find it difficult to energize the generation old traditional family business with modern entrepreneurial norms & style.
Desire freedom and encouragement to satisfy the innovative young mind
Often, their parents do not understand their viewpoint regarding life and career.
Even with better education, knowledge, exposure and the resources than their parents (however, the source of all these are their own very parents), they are unable to convince their parents on their ideas only due to lack of experience.
Related to Succession Issues (When there are more than one siblings or other family members)
Mutual disagreement
Division of the family enterprise
Internal friction due to generation gap and the difference in perspectives
