Family Business

How to Tell Your Child that Running the Family Business Isn’t Within Reach

Besides sleeping, work is where we spend the vast majority of our time. Huffington Post estimates about 25 percent of our lives are spent working. That makes sense -- we need money to live. We also gain a sense of accomplishment through work. However, once the day is done, what we really want to do is spend time with the people we love. That is what makes a family business … [Read more...]

Transitioning a Family Business: How to Do It and Keep the Family Intact

Statistics compiled by Johnson Cornell University tell us that 40 percent of all U.S.-based family businesses, of which there are approximately 5.5 million, are passed down to the next generation. From there, about 13 percent keep their doors open long enough to be transferred to the third generation, and a mere 3 percent are ever held in the fourth generation’s hands. While … [Read more...]

Pros and Cons of Joining the Family Business

Family-owned businesses have been the backbone of the American economy since our country’s beginnings. According to the advocacy group Family Enterprise USA (FEUSA), there are roughly 5.5 million family-owned businesses in the U.S. today. These businesses contribute more than half (about 57 percent) of the U.S. gross domestic product and employ almost 63 percent of our … [Read more...]

The Secret to Making a Family Business Work

Owning and operating a small business is no easy feat. Add family to the mix and it can get even harder as Harvard Business Review reports that only 30% of family-run businesses survive to the second generation. This made me wonder why some are able to defy the odds and actually thrive when family is heavily involved. And who better to ask than Ziad Kassab, a successful … [Read more...]