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Family business innovation

Question
How important is embracing innovation and new thinking in a family business? 
Answer
Effective owners of family businesses must be prepared to support innovation proposed by the next generation of managers. Why? Because it will likely be essential to their own retirement income.

In the 21st century, you can't run the family business the way grandfather did. And you probably can't run your father's company that way either. 
Brain Trust contributor: Family Business Psychologist and author of Your Family, Inc.
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