A family business is any for profit enterprise with a purpose for family employment and to make a profit.  The size of a family business can range from the corner grocery store to a major enterprise, employing thousands.  The Kohler family [toilets and faucets], for example, continue to run their business very much as a family business and very successful

An integral ingredient of a family business is that a family member sits at the head of the organization (=chairperson, CEO).  The role of that family member is to understand the business, guide the family business, determine strategy and take care of the business for the family’s interest.

In the top selling novel, the Girl With the Dragon Tattoo, the Vanger family, showed a family business in decline.  In addition, the Vanger family enterprise was declining because of all of its dirty laundry being shared with the world and ineffective leadership without a clear direction for the succession of the family business.

You may be running a family business.  Have you thought about what you will do to

1. build the business to a point where you have something you wish to pass onto the next generation

2. work on successfully transferring that business to the next generation

Some food for thought for the day….

Learn think apply.