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Surviving Your Family Business

03 June 2016

Whether the original dream was yours or was born from inspiration generations ago, the vision is likely the same. Make it exceptional and make it last 100 years.

Let’s face it: mixing family and business can be frustrating. When improperly managed, that frustration leads to poor decisions. It is a primary reason 80-90% of family businesses flame out before the third generation.

As a member of a family business, you face unique challenges that normal businesses get to avoid. Those challenges threaten your family continuity, business earnings, and may even prevent a successful transition to children and grandchildren.

Most often, the cycle of family business failure is caused by a lack of communication about important issues. People do not like conflict, especially amongst family, so problems are left to fester. Particularly intimidating conflicts for family businesses include:

  • Non-family member employment or board app
  • CEO transition;
  • ointment;
  • Separating family issues from professional issues;
  • Balancing talent vs. nepotism;
  • Embracing new ideas, even when they clash with tradition.

We have designed a Family Business Survival Kit to help you overcome these, and other, issues. Therein, you will learn about conflict prevention, management, and resolution. You will be exposed to successful ownership transition strategies and executive training.

There are even sections for those who are only thinking about starting a family business. Best of all, the kit is free to download and easy-to-understand for anyone.