A Publication of WTVP

In the beginning, a family business sounds like a sensible idea. One family member can tend to the books while another takes charge of marketing and sales. And it may all run like clockwork—for a while.

But what if the company grows and the accounting responsibilities exceed a family member’s capabilities? What if someone doesn’t agree with the direction the company is headed, or a divorce, illness or death upsets the company’s equilibrium? Consider the following steps to make sure that the family business doesn’t wreak havoc on the family:

Such decisions can be difficult. In the long run, what’s best for the company is also often what’s best for the family as well. iBi