Family owned businesses are in many ways the foundation of the American economy. That’s how so many small businesses got started, with an entire family pouring their heart and soul into the establishment they owned and operated, working hard to make it a success. Many family owned businesses today have been around for decades, and they are always great to see. They embrace things like tradition and quality, which are traits that have been passed down for generations.
But does that mean that small businesses started by and employing all kinds of family members is a good idea? The Wall Street Journal’s Sarah Needleman takes an in depth look into what it takes to succeed in a family run business, as well as what the challenges are. She also looks at real life examples to find out what they have learned and how they are coping.
I’ve worked for a number of family owned businesses in the past, and while there was always a bit of infighting, disagreement, and hostility, at the end of the day the family was always put first. The business never carried over into the family life, and that was a good balance. Also, when you’ve got family members to count on in a business, it’s like no other employee. You can talk all you want about employee loyalty, but the truth is no one will be as loyal to you or your business than your own family.
Do you have your own family run business? What are the challenges you have faced is so?
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