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1. INTRODUCTION

A family business is an enterprise owned, managed, and operated by members of one or several families. Many companies, which were established as family businesses, are now publicly held. Numerous family businesses have non-family members as workforce, but, predominantly in smaller companies, the top positions are frequently allocated to family members.
Family partaking in a business can reinforce the business because family members are very reliable and devoted to the family enterprise. On the other hand managing a family business, and especially succession planning, can cause some unique problems. Frequently family interests clash with business interests, for instance hiring a family member who is less skilled than a non-family member or keeping a family member who performs less successfully in a position when their achievement is hurting the company. Psychologists are repeatedly consulted to assist families effectively manage issues that have an effect on both......

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Approximate Word Count: 2706
Approximate Pages: 11 (250 words per double-spaced page)

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