Succession is one of the biggest challenges a family business can face. Many business owners and families assume that the process will be difficult, risky and conflict-prone, as it is indeed.
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The board must balance the interests of family and business, and help build and preserve commitment and continuity when tough decisions must be made.
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Messages that proclaim solidarity can backfire if they are perceived as opportunism rather than a genuine commitment to the cause. Is your company walking the talk?
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Want your family business to run more smoothly? Examine your own relationships with parents, siblings and other relatives -- and talk to one another often.
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Researchers surveyed more than 1,000 family businesses around the world to see how they're handling the pandemic. Here is what they learned.
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