Family Owned Business Issues

A business ends when the owner sets fire to it. A sports team is sold out of the family in order to pay estate taxes. Father and son can’t work together. Son leaves and becomes dad’s main competitor. Any of this sound familiar? Scenarios like this happen all too often. It used to be common to think that there were only two main factors involved:

(1) Failure to plan

(2) Inadequate and inappropriate communication

 Every business failure could be accredited to them, to some degree. It is time to expand the list and make it more practical.