Thomas Calandra, who is in his mid-twenties, is the owner of Calandra Enterprise. Thomas credits his family business’s success to his grandfather’s hard work, determination, and artistry that greatly influences the services provided to their customers and clients at their bakeries, hotels, and restaurants. He and his sister vow not to be like other family-owned businesses that rise in the hands of the elders and crumble in the hands of the grandchildren.
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There are few issues in family business that create more conflict and tension than the employment of family members. The complexities involved and the breakdowns in communication and trust can contribute significantly to the alarmingly high rate of failed intergenerational transitions in family business. The good news is that there is a way for families to better position themselves to overcome those challenges by looking at the 10 most common mistakes family members make when it comes to hiring (and firing) for their business.
Building and running a business can be immensely rewarding, both personally and financially, but it comes with unique challenges and risks. To ensure success at each stage of growth and change of your operating business—from startup to maturity to succession planning and beyond—it's crucial to be adaptable while proactively preparing for what's ahead.