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What problems are most frequently named by family businesses as interfering with happy families and successful companies?

Think problems of the 'softer side'! It is rare that technical issues, such as failure to create an estate plan, to decide on a family employment plan or governance structure get in the way of progress. The problems or failure to act on great planning are human dynamics. Ask any lawyer or accountant what hinders their plans from being implemented and they will acknowledge that it is the people issues of : loyalty, inability to communicate or agree on goals, greed, or past issues. Here are some of the key issues most frequently cited as interfering with successful family businesses:

  • Family communications
  • Conflicts
  • Choice of successor
  • Agreement on values and strategic direction

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