Family businesses Time to act

Are family businesses doomed to fail? Not necessarily, says the author, if the challenges are addressed and the right actions are taken.

Not all family-owned businesses are created equal, with striking differences as relates to industry, owner involvement, structure and perhaps most importantly, success. On the one hand are world-class businesses competing with key market players, which not only benefit the family but the community as a whole and on the other hand lay the remains of what once was a family-owned business. The wide spectrum between the two offers valuable lessons for those smart enough to learn from their experiences.