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Updated: March 9th, 2009 01:38 PM EDT
How to Run a Successful Family Owned Business
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By Dick Detmer
On the other hand, I have dealt with many family owned rental businesses that have more than one family member who wants to run the business. Sometimes the present owner's desire to be fair and equitable with all the offspring makes terrible business sense - and can make everyone in the company miserable. It's important to have a rental business expert objectively analyze the situation and make objective recommendations.
I think all of you would agree that it is very unhealthy (for the business and for the family members themselves) to let major family business disagreements in the form of arguments continue to fester. Some problems just don't go away by themselves.
It's inspiring to see each new generation of owners taking over, and through more sophisticated planning and execution, grow the company beyond the dreams of the previous generation. There should be a major celebration each time your company ship is put in the hands of its next generation captain and crew.
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