In our quarter-century of service to multigenerational businesses, we've observed one key fact about the families who own them: No two are alike. Each family has its own unique history, values, cast of characters, way of doing business and points of contention.
Yet although details of the problems and solutions will inevitably differ, several approaches to the challenges of mixing business and family have proved to be successful in a variety of family circumstances. Over the years, many professionals who study and advise entrepreneurial families have recommended these approaches. Most of them involve a lot of time and effort to implement. But if you're willing to make the investment, you may find they work for you.