Why Some Family Businesses Succeed And Others Fail

Did you know that 85% of businesses (globally) are family owned?  

And did you know that family businesses, on average, last twice as long as non family businesses?

Turns out entrepreneurs like to keep their success in the family.  

That doesn’t make it a walk in the park though. On the contrary, running a company with your mom, dad, sister, brother, cousin, uncle, or [insert relative] adds a layer of complexity that few understand.

How do you maintain professional, productive working relationships during business hours, and then slide into loving and nurturing family relationships the rest of the time?  

How do you keep your responsibilities to the company separate from your role as parent, son, or daughter?

Then comes the question of succession planning. Who is going to run this thing when the older generation retire?  How do we structure and prepare for that transition?

For answers to these questions and a bunch more, watch this week’s episode of Contractor Evolution with David C. Bentall.