The operation of a family business is often misunderstood, as evidenced by the first-hand accounts from business families collected over the past few years.
Family members have privileges in the family business.
My mother demands more from me than she does from other employees.
Family businesses are less competitive than non-family businesses.
We out-perform the competition because we have a long-term vision and we reinvest in the business.
Family businesses do not survive beyond the third generation.
My parents participate financially in my new business, and we share the administrative and staffing costs.
Family members have unwavering trust in one another.
I love my brother, but when it comes to business I don’t trust him.