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Keeping the Brokerage in the Family

Many brokers like the idea that the company they’ve built will keep going strong into the future. Of course, that’s easier said than done, particularly if the goal is to keep the company in the family.

(Boonton, NJ, April 14, 2015) — Many brokers like the idea that the company they’ve built will keep going strong into the future. Of course, that’s easier said than done, particularly if the goal is to keep the company in the family.

In the April issue of Real Estate Broker’s Insider management expert Noel Tichy offers four suggestions for getting your kids interested in the family business, and making sure you don’t set them up for failure.

1. Model enthusiasm. Talk about the company around the dinner table. Create internships for your kids so they can learn about your brokerage.

2. Don’t make it easy. Let the kids know they’ll have to earn a spot in the family company.

3. Keep it real — and let them fail. If Junior comes to work for you, make sure it’s in a legit position with real responsibilities — and risk of failure. These "crucible experiences" are the best way to test your children.

4. Encourage honest feedback. Give non-family members assurances that they can give honest, critical assessments about your child’s performance.

More from Tichy and from two successful second-generation broker-owners appears in the April issue of Real Estate Broker’s Insider.

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