The Future of Family-owned CRE Businesses

Posted on August 1, 2017

Written by Ron Derven

How can family-owned businesses stay competitive in the commercial real estate industry?

FIVE MEMBERS of NAIOP’s Family-owned Business I and II Forums offer their insights into the future of family-owned CRE businesses as well as some of their strategies to successfully manage and convey the business to the next generation. They also provide their insights on the benefits of the following:

• Creating a generational overlap so that the older generation can pass on its wisdom to the younger one.
• The importance of getting “real world” work experience outside of the family business.
• Making sure that new family members coming into the firm develop skills in at least one area of commercial real estate to add value to the company.
• Allowing only those family members working in the business to manage it.
• Ensuring that family members coming into the business gain the respect of other employees and the industry.
• How to avoid playing favorites when it comes to family.

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