A great article that highlights some of the key challenges facing families in business together and worth a read if nothing other than to be aware of some of the pitfalls of working with family members.

Even so, there are millions of families in business together the world over that address the issues of emotions and relationships and come to find ways to deal with them in order to preserve the family harmony and the business.  As businesses become older and transcend the generations every subsequent generation will have seen at least one succession journey and be able to benefit (if they chose to) from the experience  of previous generations too.

Relationships between family members are what define the family unit, and by derivation, the family business, so are an integral part of the firm.  All we suggest is that care is taken when dealing with the emotional aspects of the relationships and that suitable frameworks and governance structures are put in place to  mitigate the risks too.