Managing Family Owned Business
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...family unit can be more profitable than working alone (Friedman & Friedman, 2003). Family businesses, whether they are small, local enterprises or large, national companies have unique concerns, such as interrelationships between family members, the question of succession in the next generation, maintaining talent, ownership and finance, in addition to all the problems that other businesses face (Van der Heyden et al., 2005). A family business has the challenge of balancing both the family and the business. Many times these two systems are in conflict with each other (Friedman & Friedman, 2003). Power struggles, resolving conflicting vested interests, leadership and mergers are other issues... ?Running...