This guide provides sound advice on aspects of managing a family-owned firm in Canada. The authors provide practical insight into how family businesses are different from non-family businesses and how business families function differently from non-business families. Those working in family businesses and their legal and financial advisors must understand these fundamental differences to be better prepared to meet the challenges of a family business. Drawing upon their own experience and the experiences of their partners, who have worked with thousands of family businesses throughout Canada, the authors provide sound, practical advice on key issues such as:
- Succession and relinquishing control
- The role of outside advisors
- Emotional factors and conflict within the family
- Preparing a strategic plan
Family businesses, regardless of size or sector, experience many of the same demands and difficulties. By using detailed case studies and real-life examples, the authors create an understanding of these challenges that is the first step towards dealing with them.