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Multigenerational firms can benefit from broader perspectives, lower turnover, stronger work ethic, deep experience and close relationships.
Family businesses can smooth technology changes by showing practical value, simplifying training, addressing privacy concerns and using outside experts.
Family firms can strengthen succession by involving younger relatives early, matching jobs to strengths, avoiding nepotism and embracing new ideas.
Retirees can lower startup risk by limiting capital, controlling costs, protecting retirement savings, planning for taxes and creating an exit strategy.
