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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?’ ” Read Full Article Here: https://www.hawaiibusiness.com/the-next-generation-takes-over/  

How Family Businesses Survive and Thrive As Baby Boomers retire, thousands of local family businesses are facing difficult transitions to the next generation. A groundbreaking local survey identifies challenges and solutions. Here’s how family businesses can survive and thrive. There’s a perfect storm ahead, and most of Hawaii’s family businesses are not prepared. That’s one conclusion from a groundbreaking survey of owners at about 140 family-owned local companies. The first-of-its-kind survey was conducted by research company Market Trends for Business Consulting Resources, a locally owned company that advises family businesses. Read Full Article Here: https://www.hawaiibusiness.com/survive-and-thrive/