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. (read more on taking over the family business...)