PHILADELPHIA (CBS) – If you know a family-run business, you know that issues come up. Sometimes those outside the family can provide impartial help.
With growing research on family companies, universities have added courses to their executive education programs. The Family Firm Institute lists 182 schools where such programs are available with increases of 20% in the last five years.
The Wall Street Journal looks at some survey results of the sources of family friction, listed from those causing most tension to least. Discussions about future strategy heads the list with performance of active family members running a close second.
Decisions about reinvesting profits vs paying dividends, about who can and can’t work in the business, remuneration for those involved, the role in-laws should or should not play and the failure of active members to consult with the wider family on key issues are problematic.
Randall Carlock, a professor of entrepreneurship at Babson College, adds learning to listen.
Reported By Dr. Marciene Mattleman, KYW Newsradio