I personally love family businesses, and not just because I am in one! I love how it can give people the opportunity to fast track themselves to their full potential. I love how family businesses seem to have more values, ethics and personality rather than the faceless “Big Boys”. I love how family relationships can turn exponential when a father becomes a friend, a colleague, a business partner.
Of course, family businesses can go the other way. I can’t think of anything worse when family relationships turn sour because of the business. I’m a firm believer that the family has to come first. As for myself; we are a 3rd generation family business and I confess, we’ve gotten darn good at succession issues. I continually get asked how we did it, so here are my Secrets to Successful Succession, keeping not only the business in tact but more importantly our relationship. (more…)