After 20 years as a third generation member of his family’s business, Paul Karofsky realized that it was time for the business to serve the family. An ensuing strategic planning session convinced him to sell his family business.
At 47 years old, and far too young to even think of retirement, Paul opted for a second pass at graduate school and focused on family dynamics and intergenerational relationships. When he emerged with a new piece of parchment, he discovered that the world of family business was just developing as a discipline. After consulting to the launch of Northeastern University’s Center for Family Business, Paul was asked to serve as its Executive Director and did so for 14 years. During that period, he engaged in a combination of speaking, writing and consulting activities and in 1991 he created Transition Consulting Group.
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Watch Paul Karofsky discuss what it's like working in a multi-generational family business with his son. |
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Watch David Karofsky discuss what it's like working in a multi-generational family business
with his father. |
Having grown up in a family business in a supportive and nurturing environment with his father (mother, uncle, second cousin, grandmother and her second husband), it had long been Paul’s dream to perpetuate family business for yet another generation. In 2009, Paul engaged in discussions with his son, David Karofsky, who held a Master’s Degree in counseling psychology and an MBA. Coupled with an innate ability to relate to others and more than 10 years in “the real world,” David’s background and desire presented an opportunity for the Karofskys to take family enterprise full circle. After intense reflection and much due diligence by both Paul and David, the timing was right and together they re-launched Transition Consulting Group into what is believed to be the first, and possibly the only, father-son team consulting to business families.
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