Keeping the Family Business Healthy:
Four Keys to Success
by Karen Vinton
Family business plays a major role in our economy. It is estimated that over 90% of all businesses are family-owned or controlled. These businesses contribute almost 50% of our nation’s GNP. Yet what are the typical stereotypes that surround these businesses? We frequently think of “Mom and Pop” stores, the undeserving child who inherits the business, the family squabbles which end up in court, and family businesses as portrayed on TV and in movies (Bonanza, Dynasty, etc.).
Many of these stereotypes tend to be very negative and may lead us to make wrong decisions about our own family businesses. In fact, some consultants and business experts say the way to “save” a family business is to take the “family” out of the business! But is this practical advise?? NO!!! More…