How To Manage A Family Business by Patricia Laya

Almost 35 percent of Fortune 500 companies are family-owned. But it’s also true that fewer than 30 percent of family businesses survive to the second generation, and only 10 percent survive through the third. Even though those odds are better than those for small businesses that aren’t run by family members, preserving a venture that you share with relatives requires very careful planning. Here are five steps that can help you manage this successfully:

1. Planning is everything

2. Set rules and responsibilities

3. Everyone should be included

4. Do your best to separate business from emotional conflict

5. Use each other’s abilities to push the business forward


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