Family businesses in Germany find it harder to pass on legacy


b_179_129_16777215_00_images_DEU131804AA001.jpegBERLIN — After graduating from college in his mid-twenties, Armin Pfannenschwarz was expected to return home immediately to run his aging parents’ family business, a midsize firm specializing in the production of wire harnesses for large auto manufacturers. Ten years later he sold the business to pursue a doctorate.

“I had the experience that the company grew, was better and had a lot of success,” said Mr. Pfannenschwarz, now a professor of economics and business administration at the Karlshochschule International University in Karlsruhe. “But I couldn’t say the same for my own life. I came to the conclusion that this isn’t my life at all.”

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