Ivanka Trump is famous for her role as an adviser to her father Donald Trump on, “The Celebrity Apprentice,” as well as her career as a fashion model, but she is far more than a talking head or a pretty face. The 32-year-old is also a fixture of Trump’s multi-billion dollar company, Trump Real Estate, where she has played a key role in the acquisition and ongoing renovations of the Trump National Doral Miami.
It appears that Trump currently has no succession plan in place. However, it’s probably safe to assume that his children will take over the company when he retires from the business. In a recent interview with the Miami Herald, Ivanka spoke about her role in the business moving forward.
“The Trump Hotel Collection I work on very, very closely with my father, both my brothers, and it’s been amazing,” said Ivanka. “For as long as I can remember, real estate has been my passion and being in the business has been sort of the goal I was driving towards. And it’s incredible as a family. I’ve found that it’s a very binary outcome, family business. It’s either a great success or it’s a terrible failure. You don’t often hear about people, family members, working together and having an OK relationship. It’s very polarized. So it’s something you have to be cognizant of; you have to be respectful of one another. There has to be just a good dynamic, and I’m incredibly fortunate. My father’s the ultimate mentor. If you want to be in real estate, there’s no better person to learn from. So having him so active and being able to learn so much from him on a daily basis is unbelievable and incredible. And my brothers and I recognize that. That’s part of the fun. And then being able to work with one another is amazing as well.”
Even though the Trump family seems to be doing well within their roles as a family business, not everyone is so fortunate. Ivanka is correct regarding her assessment of family businesses; according to industry research, editor of Family Business Review, 66% of all family-owned businesses will fail to survive into the second generation. Less than 10% will still be viable into the third generation, with just 3% of all family businesses operating at the fourth-generation level and beyond. In order to ensure success, there has to be more than personalities that mesh well. A plan has to be established and executed.
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