How to manage a successful family-owned business
When my husband and his partners decided to sell the health food store they had owned for 18 years, our 8-year-old son took the news the hardest. He had grown up “in the business” and figured he would get to run it one day. Together with his friend and fellow business child, he had spent time after school and weekends helping to stack shelves, break down cardboard boxes and, favorite of all, use the pricing gun to tag prices on boxes of tea, whole grain cereals and other inventory.
Family businesses are like that. There is an emotional attachment to the business, as if it is another member of the family. Owning a business can be all-consuming, and even if others...