CFO Edge Logo
  Home > Resources > Family Business Article  
     
 

Meeting Common Family Business Challenges

 
  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
   
  Open as PDF Open the entire article as a PDF  
     
  Article Summary  
There can be both tremendous rewards and tremendous challenges in running a family business. Many CEOs appreciate and value the opportunity to work closely together with family members in building an enterprise that can be passed on to future generations. In addition, family members who work together sometimes draw closer to each other as a result of their shared interest in the business.

But there’s a flip side to this coin as well. Sometimes, it can be difficult to draw the line between work and family - to balance work and family priorities, to be both “the boss” and mom or dad, and to leave work behind at the end of the day.

This article discusses nine practical suggestions to help strike the right balance in your family and company. Included are ideas about communication, favoritism, the roles children of the owners, a board of advisors and motivation of non-family employees.

There’s no question that Los Angeles and Southern California CEOs and CFOs who own and manage family businesses face unique challenges. For assistance in meeting them, consider working with an outsourced CFO services provider. He or she can offer the objective perspective of someone from outside your firm in the areas of compensation, management, succession and more.

Note: When it comes time to think about succession planning, you may find this CFO Edge white paper informative: Planning a Business Exit.

  Open the entire article as a PDF  
     
     
Subscribe to CFO Inside Edge

Our monthly newsletter delivers first notice of new white papers and articles plus remarks on performance challenges and solutions. View past issues and subscribe.

 
 
 
CFO or Controller: What's Right for Your Business?
White Paper
CFO or
Controller:
What's Right
for Your
Business?
Outsourced CFO Services
White Paper
Outsourced
CFO Services
Performance Measurement
White Paper
Performance Measurement
Strategic Planning & Forecasting
Brief
Year-End Strategic Planning & Forecasting
Planning a Business Exit White Paper
White Paper
Planning a
Business Exit
 
CFO Edge Blog CFO Edge on Twitter CFO Edge on LinkedIn
 
Intuit Certifications