CareerPersonal Growth

5 Common Threats to a Family Business

Imagine all the stuff that annoyed you about family as a kid, and then magnify those issues to the scale of business. Yikes. Tina Indalecio warns of five threats to family businesses for About Money.

Watch Out for Wedgies

Family feuding is itself the first threat, the problem of family arguing incessantly and not settling on meaningful resolution. Related to this issue is the threat of letting emotions run the business; bad reactions to feedback can send family members and the business itself in bad directions, so try to keep level-headed. Nepotism is another common concern, in that trying to be well-meaning about elevating family to high positions could discourage other employees who have worked harder. Along those lines, in companies where family occupies all the top spots, good employees are less inclined to stick around as a result of having fewer opportunities for growth and ascension. Who could blame them? And the final risk is to simply not have a good succession plan in place, which could spell jeopardy for many.

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