Family and business is a powerful mix and there are lots of great family business dynasties around the world. Successful family firms have clear distinctions between family and business, and the interactions between the two, are usually well managed and properly governed too.
Avoiding certain mistakes at the outset can really help in terms of both success and longevity and whilst not necessarily front and centre of your mind when starting a business, there are some good pitfalls identified here that all family firms would do well to avoid in order to give them a better chance of personal and business success.
What do Walmart, Ford, Comcast, Mars and Marriott have in common — besides being some of the largest companies in American? They’re all family-owned businesses, according to the Global Family Business Index compiled by the Center for Family Business at the University of St. Gallen, Switzerland. Of course, these companies all had more humble beginnings. But turning your family company into a dynasty is easier said than done. If you’re thinking about starting a family business, watch out for the following mistakes that can thwart both your professional success and your personal relationships.