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