Matt Allen is a Professor of Family Business at the Institute for Family Entrepreneurship (Babson College). Due to his role, parents constantly address him questions on how they can prepare their children for the problems they will inevitably face when the moment of family business succession arrives.

Following the interviews conducted among his students, Professor Allen understood that the main factor shaping the next generation seems to be the experiences they had rather than the direct influence of older generations. Therefore, he gives four suggestions to parents: promoting active experimentation, embracing failure, asking kids to identify multiple solutions to a problem, and avoiding micromanagement.

You can read the full article published on Harvard Business Review HERE.