I went to a Harvard seminar in Sydney recently and the name of the seminar was 'Family businesses: successes and pitfalls'. The lecturer there said a typical family business is one where the founder starts it, the second generation builds it up and the third generation blows it up. Now there is a lot of truth in that. (Hari Punja)

I went to a Harvard seminar in Sydney recently and the name of the seminar was 'Family businesses: successes and pitfalls'. The lecturer there said a typical family business is one where the founder starts it, the second generation builds it up and the third generation blows it up. Now there is a lot of truth in that.

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