In order for family-managed businesses to survive and prosper, management guru Peter Drucker advised them to:

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Management guru Peter Drucker offered the advice to help family-managed businesses survive and prosper: family members working in the business must be at least as capable and hard-working as other employees; at least one key position should be filled by a nonfamily member; someone outside the family and the business should help plan succession.

In Order for Family-Managed Businesses to Survive and Prosper, Management