Advice for CEOs

In the first part of this article, I addressed five key areas that require attention when running a family owned business. Another area of focus for family businesses should be the issue of succession.

If your family owns a business, the share of it that you and other family members own may be your and their most valuable asset. It is also possibly the biggest legacy for future generations. You and they probably take pride in the business’s history and the goodwill it has earned from its customers and in its community. Go to any town in America and you will find family-owned stores and businesses that enjoy the kind of customer loyalty that newer companies will need years to develop.