Which Comes First, the Business or the Family?

It is often assumed that the overlap between the business and the personal will often cause family businesses to function less efficiently than their non-family business counterparts. Recent research seems to indicate that this is not necessarily the case if the overlap is managed properly.

In fact, a recent article in Family Business magazine asserts that this overlap can be a strategic advantage if certain key objectives are established and the necessary resources are devoted to attaining them. Recommendations include:

• Define success: What does it mean for the family to be successful?
• Agree on culture, values, mission, and vision
• Remember that the family comes first