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Resources for Family-Owned Businesses

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Resources for Family-Owned Businesses

This brief outlines the legal definition of a family business and points readers toward some online references.


June 30, 1999
This article first appeared in the PR July 1999 issue of Pro Remodeler.

For many remodelers, their businesses involve family members. And family businesses can take on different forms--siblings may run a company, or a spouse might do the books and take care of administrative activities.

According to the Family Firm Institute, here are some defining characteristics of family business.

 

  • More than one family member works in the company (paid or not).
  • Career decisions of family members are influenced by the existence of the business.
  • Family relationships have influence on management succession.
  • Family members hold key positions.
  • Family shares a sense of responsibility for the business.

A host of issues--such as succession, family relationships, and transfer of ownership--affect family businesses. The dynamics surrounding family businesses are unique. Owners have more than a business relationship; they have strong emotional ties. The Austin Family Business Program at Oregon State University lists the challenges for business-owning families as communicating, working together day-to-day, and surviving succession. Remodelers looking for more information on family business topic can check out these websites:

 

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