Seven Tips to Keep It in the Family

If only my last name was Yuengling -- I'd be in line for brew master of America's oldest brewery, now in its sixth generation of family ownership.

But I'd just as soon go for the name Teutul and be building custom Orange County Choppers with my dad and two brothers on the Discovery Channel.

According to a 2006 online member poll conducted by the National Association for the Self-Employed, nearly a quarter of microbusiness owners plan to pass their business to another family member.

Still, keeping a business in the family isn't all cheers and fast bikes; it can be more like one of those destructive dinner-table discussions we all try to avoid. According to findings by Joseph Astrachan, editor at Family Business Review, more than 30% of all family-owned businesses survive into the second generation while only 12% survive into the third.

A Family Affair

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