Keeping the Family Business Healthy: Four Keys to Success

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…

For Couples Working Together, Setting Ground Rules is a Must 1

For Couples Working Together,
Setting Ground Rules is a Must

by Carol Sorgen

You married your beloved for better or for worse, in sickness and in health, for richer or for poorer. But for profit or for loss?If you’re in business together, that’s about the size of it.

Take David and Sharon Nevins, for instance.

David Nevins credits much of Owings Mills-based Nevins and Associates’ success to his wife.Sharon Nevins joined the 10-year-old public relations, marketing, advertising and customer service firm two years ago and started the company’s advertising division. But David Nevins, whose firm had capitalized local billings of $6 million last year, admits the partnership–the business one–isn’t necessarily a “forever” thing.”It’s advantageous now, but we have no long-term plans,” he says. More…