NYT: For Owners of Century-Old Businesses, Shutting Down Brings a Special Pain
Obligation cannot be the reason to continue. Long term, that is not sustainable.
From the New York Times article dated July 17, 2020:
Vernon Harrell, the company's fourth-generation owner, recently announced he was closing the business his great-grandfather started.
"There isn't the next generation with the passion to take the business through a crisis," said Jennifer Pendergast, executive director of the Center for Family Enterprises at Northwestern University. "This is going to be hard for a while. Is there someone who wants to take that on?"
For business owners trying to chart the future - whether they're the fifth generation or the second - Dr. Pendergast recommends that they find someone who can be their "truth teller," who will look at the numbers and the emotions of continuing.