Posting by:  Joel Susco
Date: October 2, 2009

Being born into a family business does not necessarily grant one all the rights and privileges of becoming an owner of that business at birth.  All too often young family members look upon themselves as heirs of entitlement without the thought of the management obligations that must go along with the rights of ownership.

It is important for families to invest a considerable amount of time and effort in educating these young potential shareholders, including those both active and non-active in the business, in their rights and responsibilities to that company.  The establishment of governance structures that set ground rules is important to the longevity of the family business. It is so important for shareholders to understand that they not only have rights, but more importantly they have obligations to the business.

Posting by:  John Hrastar
Date: September 30, 2009

Often I hear from people working together in a business that, “We don’t need to schedule meetings, we talk with each other all the time.”  Usually though “all the time” means a chance encounter in the hall, “talk with each other” means some casual remarks or a quick question, and “we” means two at a time, never the whole group.  It’s the same for family members outside the business. 

Posting by:  Jacqueline Thompson
Date: September 24, 2009

It’s pretty hard to think of restaurants that don’t have at least some family connection, be it passed on in the family over the years, brothers co-owning, a family member inplied in the name (e.g., Dave Thomas’ daughter “Wendy”), or family everywhere from head chef to valet.  It’s nearly impossible to think of a diner or similar type of eatery without thinking of family members popping up in every staffing position imaginable, ranging from toddlers to those ready to run the “restaurant in the sky.”  No matter, there are many restaurants that are family-owned and operated, and if you are considering starting one yourself, you can learn a lot from those who have gone before you.  We like finding lists for our family business topics – there’s always at least one tip (no pun intended!) that you can pick up from them.  Follow the link below to see ten items to consider when choosing to go into the restaurant business:

http://www.examiner.com/x-5940-SF-Restaurant-Business-Examiner~y2009m7d20-Ten-tips-on-operating-a-family-restaurant