When I started the business, I hardly went home. I became very driven about work and about my career. ~ Calvin Klein ~ [Source]
Wikipedia states that “A family business is a business in which one or more members of one or more families have a significant ownership interest and significant commitments toward the business’ overall well-being. In some countries, many of the largest publicly listed firms are family-owned. A firm is said to be family-owned if a person is the controlling shareholder; that is, a person (rather than a state, corporation, management trust, or mutual fund) can garner enough shares to assure at least 20% of the voting rights and the highest percentage of voting rights in comparison to other shareholders.”
One may note that family businesses are popular choices as it keeps the wealth within the family instead of flowing out. However, the line is blurred when family and business are mixed together. It creates problems. Often, quarrels about money issues often pop up. When the statistics show up, it is worrisome to see that most of the family business never made it to the 2nd generation.
Having said that, there are successful family businesses that are still thriving now. Those are the ones who take the time to iron out the differences and compromise. Perhaps their secrets can be learned below.
People Skills: How to Assert Yourself, Listen to Others, and Resolve Conflicts
Dealing with People You Can’t Stand: How to Bring Out the Best in People at Their Worst
Don’t Bring It to Work: Breaking the Family Patterns That Limit Success
How to meet the Rich: For Business, Friendship, or Romance
Have you been in a family business? What did you learn?
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