The challenges facing a second generation business heir seem to lie in several areas—coming to terms with dad, gaining real competence in a world that tends to defer to you, developing legitimacy in your own right, and developing a sense of stewardship over the family’s assets. The second generation heir is a leader, but not of the entrepreneurial sort that most founders are. Heirs come from a different world—they did not have to make it on their own, and they have to navigate an internal family and business world that is already populated with a diverse and colorful cast. They fail if they don’t develop skills, sensitivity and identity to balance the existing demands with their own contribution.
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