Are Family Businesses Really Different?

Many people who work in family-owned businesses, or family firms, have never
stopped to think of the concerns that are unique to family businesses. While
about half of the gross national product comes from family owned businesses,
and roughly half of America’s workers are employed in family firms, the family
business is seldom seen as having issues of any significant difference than
other sole proprietorships, partnerships or corporations.

Inc. Magazine decided it was time to dig deeper into family business
issues. Author, Christine Lagorio recently posted the article entitled, How to Run a
Family Business, which discusses how to run your family business the
right way. She interviewed experts on this topic asking them to share their
advice and lessons learned. Since I’m a Family Business Coach and the author
of, Entrepreneurial
Couples – Making it Work at Work and at Home, I was able to share some practical tips for family businesses.
I discussed the value of determining what your family style is and working that
into your business, as well as the importance of writing a formal
business-partnership agreement. Click here to
read the article in its entirety.

If you would like to learn more about family business or being an
entrepreneurial couple, please visit the
Entrepreneurial Life section of my website.