The vast majority of businesses in the US, roughly 90%, are family owned or controlled. There is something promising about going into business with your spouse, siblings, kids, cousins, or other family members. There are, however, many inherent challenges to successfully starting and growing a family business. Predictably, these challenges fall into two categories: issues pertaining to the family and issues pertaining to the business. Let’s look at the pros and cons of a family business, exploring some of the leading issues as well as the potential ways to resolve […]
