“Family-owned outfits face an ever-changing array of challenges. Here’s a look how the large and small are coping — and thriving.
Talk to enough family-business owners, and one thing becomes clear very quickly: For those with their own name on the shingle, business and family life are intertwined. Yet with increasing specialization, competition from corporate giants and from outsourcing, family businesses are under more pressure than ever to innovate, find new efficiencies, and improve performance. In this five-part Special Report, BusinessWeek Online looks at the future of the family business and explores how savvy owners can see their businesses grow and prosper in the coming years — along with examples of companies that are doing just that.”
– There is a lot of good information here. One thing to note is that if you do not have a succession plan for your family business the chances are that it will be done in! You need to start early and train your family members in all aspects of the business so that when succession time comes the family member taking the lead has all of the skill and information necessary to continue the business in a successful fashion. -ed.