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That family affair in the PPP

Apr 15, 2015 Letters

Dear Editor,
Some in the PPP/C is defending the planting of family members so thickly within its candidate list by saying family businesses expect help from the younger generation.
According to the Harvard Business Review, the number one reason family businesses fail is the next generation “signing on to the firm as unprepared 40-somethings.” Harvard adds, “Despite their lack of experience, these offspring may ascend to leadership positions because of the family connection, increasing the chances that the business will fail.”
Interestingly, only 30 per cent of family businesses survive after the second generation. Only five per cent of family businesses succeed at the third generation. The ones which survive almost all hand control over to outside management, not family members.
In other words, the PPP/C wants to run the country with a strategy that has a 95 per cent failure rate.
Observer

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