This week’s reading starts with a Chapter 2 Transition and Change. After reviewing the chapter for a second time there were a few nuggets that stood out to the reader, nuggets that would be very beneficial to be mindful of when assisting family businesses with transitions and changes. As stated last week the Godrej Group provides four characteristics of a family firm that will help protect the sources of their past success and at the same time, seek needed innovation. (Schuman, A., Stutz, S., & Ward, J.L. 2012, p. 38). This concept includes the complex successor dilemmas. This component was best summarized by a quote from Prince Philip, Duke of Edinburgh which states “Change does not change tradition. It strengthens it. Change is a…show more content… Because the family business it so new, family paradoxes like making time for family trips and vacations may arise. For the 2nd generation the family business is more family focused. The paradoxes that arise are often regarding whether the revenues should be used to give family members larger salaries or update equipment. The 3rd generation is often more business focus, but it’s focus is extremely different from G1. This third generation is often searching for way to include all the members of the founding family and their unique skill sets to expand the brand, oversee the philanthropy activities and handle other areas of the family business besides production. The reading shows that the family priorities for G1 is roots and wings, for G2 is work and home, and for G3 is loyalty and freedom. The key impact areas of strategic choice for G1 is action and planning, for G2 is opportunistic and core, and for G3 is invest and harvest. The key impact areas of management philosophy for G1 is expedience and patience, for G2 is task and process, for G3 is privacy and transparency. The key impact areas of decision making for G1 is control and trust, for G2 is individual and collective and for G3 is formal and informal. The key impact areas of ownership focus for G1 is proprietorship and stewardship, G2 is merit and equality and for G3 is one family and individual branch.