Find a list of your saved stories here

Next generation: Business owners mentor their heirs apparent

Next generation: Business owners mentor their heirs apparent

3 photos
Save Story

Save stories to read later

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

NEW YORK (AP) — As small business owners contemplate retirement, many are thrilled to have the chance to teach their children or other relatives how to run their companies.

There's plenty of opportunity for that to happen — the government estimates that nearly a fifth of U.S. companies are family owned.

At some businesses, especially those that have been in a family for generations, children start learning some of the nuts and bolts while on vacation from school.

But owners looking to pass a company to their children or other young relatives find themselves doing much more intensive training.

They include their heirs apparent in key decisions and entrust them with major projects. The savviest owners learn some things themselves — they listen to and embrace the different ideas and perspectives their children bring.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Most recent Business stories

Related topics

Joyce M. Rosenberg


    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the Trending 5.
    By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

    KSL Weather Forecast