Five Dynamics in Family Business

Owners of family businesses sometimes find themselves spending more time working in the business than working on it, specifically on ensuring its longevity. This is partly due to dynamics which may require owners to choose between what’s optimal for their business and what’s best for their family. 

These competing interests can devalue or even tear a business apart—preventing family-business owners from transferring it to the next generation. Understanding the five dynamics as outlined in this article may help owners manage the inherent conflicts between business and family, in ways that both increase value and ensure longevity.