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Meeting Common Family Business Challenges

  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
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  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.

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