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Keeping the Family Business HealthyEnsuring Family Interest in Leading the Business

Keeping the Family Business Healthy: Ensuring Family Interest in Leading the Business [A family business owner’s greatest resource is his or her family. Its members provide the company with employees, ideas, new blood; they also give the owner good reasons to work hard and achieve success. They are a reason for making the business last. Yet raising children who will be truly interested in the future of the business, preparing them for leadership, and selecting one as president are not easy tasks. They raise difficult issues that are further complicated by the fact that family members play multiple roles. They are father, mother, sister, brother, as well as boss, owner, employee. The dual obligations of such roles often clash. A business owner who is pleased to pay and promote employees on merit, for example, suddenly finds that this leads to favoring one child over another. And that is forbidden in the parental role.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Keeping the Family Business HealthyEnsuring Family Interest in Leading the Business

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Publisher
Palgrave Macmillan US
Copyright
© Palgrave Macmillan, a division of Nature America Inc. 2011
ISBN
978-1-349-58470-3
Pages
57 –79
DOI
10.1057/9780230116122_3
Publisher site
See Chapter on Publisher Site

Abstract

[A family business owner’s greatest resource is his or her family. Its members provide the company with employees, ideas, new blood; they also give the owner good reasons to work hard and achieve success. They are a reason for making the business last. Yet raising children who will be truly interested in the future of the business, preparing them for leadership, and selecting one as president are not easy tasks. They raise difficult issues that are further complicated by the fact that family members play multiple roles. They are father, mother, sister, brother, as well as boss, owner, employee. The dual obligations of such roles often clash. A business owner who is pleased to pay and promote employees on merit, for example, suddenly finds that this leads to favoring one child over another. And that is forbidden in the parental role.]

Published: Jan 21, 2016

Keywords: Family Business; Business Owner; Buffer Management; Family Leader; Retirement Date

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