Is Blood Thicker Than Water?Is Blood Thicker Than Water?
Family businesses are different from other businesses. Besides unique estate tax, succession and governance issues, family businesses must also deal effectively with past, present and future family members, family values and the inevitable family politics. Fortunately, dealing with these challenges gives family businesses a significant competitive advantage. A family business' special competitive
David Thayne Leibell, partner in the Stamford, Conn. and New York City offices of Wiggin and Dana
Family businesses are different from other businesses. Besides unique estate tax, succession and governance issues, family businesses must also deal effectively with past, present and future family members, family values and the inevitable family politics. Fortunately, dealing with these challenges gives family businesses a significant competitive advantage. A family business' special competitive weapon is its family culture, which opens communication, streamlines decisionmaking and creates an environment with strong standards and values.
A recent study published in the November 2010 issue of Entrepreneurship Theory and Practice (vol. 34, issu...
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