Family businesses often hope to pass success from one generation to the next, but Boston real estate entrepreneur Anwar Faisal says continuity demands careful preparation. With his own children now involved in the family business, Faisal encourages owners to start conversations about the next generation early, rather than waiting until retirement or a leadership change forces the issue.
"A family business cannot wait until the last minute to think about the next generation," Faisal said. "People need time to learn. They need experience, and they need the opportunity to make decisions while the older generation is still there to guide them." His perspective draws on more than four decades in business. Faisal purchased his first Boston property, a 590-square-foot apartment, in 1984. That investment grew into a portfolio of thousands of residential units across Greater Boston through Alpha Management Corporation.
Faisal believes a common mistake is assuming a younger family member is automatically prepared for leadership. A title, he says, should follow experience rather than replace it. "Being part of the family does not mean you understand every part of the business," he said. "You still have to learn the work. You have to understand the people, the problems, and the responsibility that comes with making decisions." Instead of immediately placing relatives into senior roles, he recommends gradually increasing responsibilities—learning different parts of the operation, working alongside experienced employees, and eventually owning specific areas. This approach also lets the next generation decide if the family business is the right career. "You want someone to be there because they care about the work and want the responsibility," Faisal said. "Family alone cannot create that commitment."
Preparing successors does not mean expecting them to operate exactly as their parents did. Faisal believes established owners should listen when younger generations bring different ideas or approaches. "The goal should not be to create another version of yourself," he said. "The next generation will see some things differently. That can be good for a business if everyone is willing to listen." At the same time, change should be balanced with understanding why existing practices were established. When older and younger perspectives are treated as complementary, Faisal believes family businesses can adapt without losing core principles.
Working with relatives also brings unique challenges, as workplace disagreements can follow people home. Faisal advises families to distinguish personal relationships from professional responsibilities. "You can love someone as a family member and still disagree with a business decision," he said. "You have to be able to separate those two things. Otherwise, every business disagreement becomes personal." Clear roles help, with family members understanding their responsibilities, who has authority, and what standards apply—without special treatment simply because they are related.
For Faisal, succession is a process, not a single decision. Some lessons can be explained; others must be experienced. Owners can share how they evaluate opportunities, manage difficult situations, and think about risk, allowing younger members to develop judgment through real responsibilities. "You cannot transfer decades of experience in one conversation," Faisal said. "You share it little by little. Then you give people room to build experience of their own." He encourages owners to begin those conversations while there is still time to adjust, identifying interested participants, exposing them to different areas, and defining responsibilities. The objective is not simply to preserve a business as it exists today, but to give the next generation enough knowledge and responsibility to continue building on it. "A business should be able to grow beyond the person who started it," Faisal said. "If the next generation understands the responsibility that comes with what was built, they have an opportunity to take it further."
