Hawaii Business Magazine: The Next Generation Takes Over
One of the biggest challenges that family businesses face is transitioning leadership from one generation to the next. Here’s some advice on how to do it right, plus profiles of three companies and families that succeeded.
Laurie Foster remembers her startling conversation with Rick Smoot about him taking over the family business: “His dad said, ‘I’m retiring in two years. You’re it.’ And Rick thought, ‘Now what do I do?’ ”
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