Entrepreneurship is rarely easy but having family in the mix can add multiple layers of complexity, barriers and challenges that competitors don't have. On the other hand, the unique dynamics of a family-run business can result in extraordinary success, as evidenced by Wal-Mart, BMW, Ford and Tyson—all highly accomplished family firms.
Recent reports show that family-owned companies comprise between 80 and 90 percent of businesses worldwide, generating an estimated $6.5 trillion in annual sales. The Global Family Business Index, a compilation of the largest 500 family firms around the globe, found that 44 percent are owned by fourth generation or older members.
Achieving that longevity can be daunting - which is where advisors come in. Here’s seven pitfalls you can help your clients avoid.
Brian Greenberg is the President of True Blue Life Insurance.
