Keeping it in the family can hurt the bottom line when it comes to family businesses and their private investment firms, according to consultant Joshua Gentine. When a family member isn’t pulling their weight, their managers are put in the awkward spot of managing their own client. Gentine, a third-generation heir to Sargento Foods, told CNBC how wealthy families can set up the next generation for success — and prepare for the worst. Fluxfactory | E+ | Getty Images
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Joshua Gentine grew up playing hide-and-seek in his family’s cheese factory in Wisconsin. His late grandfather Leonard in 1953 founded Sargento Foods, the family-owned cheese