Is your family the type that’s close-knit and supportive? Or is the dynamic more like something out of a daytime soap opera? Even if it’s the former, and Thanksgiving dinners don’t ever result in bodily injury, that doesn’t mean you have what it takes to go into business as a family.
Working with family can be a dream, or it can be a nightmare, and there are ample reports to back up both points of view. For instance, there are many stories out there about family working relationships that have turned into bitter rivalries, and even court battles, and there are also plenty of examples of businesses that have been in the same family for generations without any major issues brought on by family relationships.
So what spells the difference between success and failure when family members go into business together? The infographic below sheds some eye-opening light on just what makes a family business thrive.
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