All in the Family…

What Happens to a Business When the Family Parts Ways? A family business can be incredibly successful—or a complete failure. While running any business can be a complex endeavor, participants in family businesses also face the unique challenges that stem from intertwining “the business” with everyday family life. That is to say, family businesses operate with two separate but deeply interrelated systems—the business and the family. Who’s Who Family businesses are extensions of family relationships, and, as we all know, managing family relationships can be challenging. Family businesses can involve myriad combinations of family members playing numerous business roles,...

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