Who hasn’t heard family business a story that goes something like this: Parent starts a very successful business and welcomes child to join the company. Parent and child clash and soon are hardly on speaking terms. Child leaves the business. Everyone is disappointed.
We all know that family business can be as challenging as it can be rewarding. The above scenario is most certainly not the outcome that any family desires, but far too often, some variation of it is what happens. And when it does, there is a loss of value creation opportunity, potential for family legacy and impact, and most importantly, degradation of close family relationships.
