Family-Run Businesses Cut Both Ways

Going into business with family can go one of two ways: fabulous or terrible, and the outcome is completely dependent on the family.

Some family businesses are very successful and others tank almost immediately. While it can be hard to determine what will and won't work, there are a few things to keep in mind that may help keep the business afloat.

"Go into a family business with your eyes open," says David Javitch, president of Javitch Associates. It is important that everyone in a family business understands their roles in the company.

It is also important to understand the difference between a work relationship and a family relationship, says Martin Lehman, marketing director for SCORE, which provides consultations for small business owners. "Business is business and family is family. During the day it's business but when the door to the office closes at 5 p.m., the relationship goes back to being family." ...