Over 25% of the businesses in 2011 U.S. Census Bureau's Survey of Business Owners are family owned businesses. When the traditional employee is taking a vacation, a business owner may be vacationing with a full complement of work tasks and telecom devices. A family-owned business member, however, has the extra burden of being accessible and mingling with your partners, colleagues, supervisors or subordinates at intimate social occassions like weddings or holiday dinners.
Knowing when to "turn it off" can be a source of tension, as can judgements of uses of personal finances. When it's good, it's great. When times are not so good, it can be inescapable. The reversion to childhood roles and reactions can destroy the morale of non-related employees.
We came across an article filled with some great tips via Fortune & CNN Business that spotlights what it takes to make a family business work, like leverage outside advisors for insight from an independent view. Check out the article and watch OED's Online Community for info. As always, OED's Local Business Assistance Program is available to bring a skilled, seasoned, OED Certified Advisor in for impartial views and guidance.
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