The Next Generation Can Help the Family Firm Innovate

The Next Generation Can Help the Family Firm Innovate
Category: Commentary
Published: October 31, 2016
Updated: June 5, 2018
Views: 8308
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Much has been written about how family businesses can have transition problems when the founder's children take over.  Best Buy founder Richard Schulze and Ritch Sorenson of the University of St. Thomas propose that the next generation plays a critical role in helping the enterprise build on its founder's strengths, engage more deeply with a new generation of customers and employees, and re-tool itself accordingly.  The biggest challenge, as Schulze points out in this conversation, is convincing Mom and Dad that things need to change.


Richard Schulze
Richard Schulze
Founder Chairman Emeritus / Executive / Best Buy Inc
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Ritch Sorenson
Ritch Sorenson
Opus Chair in Family Business / School of Entrepreneurship / University of St. Thomas
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Cite this Article
DOI: 10.17919/X94G6T
Schulze, Richard, and undefined. "The Next Generation Can Help the Family Firm Innovate." FamilyBusiness.org. 31 Oct. 2016. Web 22 May. 2024 <https://familybusiness.org/content/the-next-generation-can-help-the-family-firm-inn>.
Schulze, R., & Sorenson, R. (2016, October 31). The next generation can help the family firm innovate. FamilyBusiness.org. Retrieved May 22, 2024, from https://familybusiness.org/content/the-next-generation-can-help-the-family-firm-inn