This article was originally published in Family Business Review

Harry Levinson, PhD, is a pioneer in the people-management side of business. He is a professor emeritus at the Harvard Business School and Harvard Medical School, and author of twenty Harvard Business Review articles and numerous books. He also established the Levinson Institute, which provides private consultation and seminars to executives of family and other businesses. He transferred from the Harvard Business School to the Harvard Medical School in 1972 after developing a seminar based on his book Organizational Diagnosis.

During our interview, Dr. Levinson discussed the dynamic responsibility parents play at the helm of a family business, the value of outside experience for children, and the inherent difficulties that emerge between the two groups over the course of transition and change.

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Talk Back:

What other advice would you offer members of the older or younger generation when preparing to enter (or leave) a family business? Share your thoughts in the comments below.