Conflict has sunk more than a few family businesses over time. To avoid it as much as possible – and navigate it when it inevitably rears its head – owners of family businesses need to adopt a thoughtful, calculated approach to decision-making.
- Conflict among family members can sink a business – especially when children clash with Mom or Dad.
- Values and economics must be considered and balanced when families make choices involving their business.
- Pro formas – formal financial statements – should be created for each venture within a family business.
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