Owning a family business is as much a part of the American dream as having the house with the front porch swing and white picket fence. It’s a fine dream to have, and for many, it can be a reality. However, owning a family business is hard. You’re dealing with all of the normal problems business owners face while adding family dynamics to the mix. Things can grow even more complicated when it’s time to leave the business. In today’s entry, we’re going to explore some of the problems that come with your kids taking over the family business. Follow Along With The Financially Simple Podcast! This week on The Financially Simple Podcast: The Three-Generation Rule (1:10) “Most of it is nonsense!” (1:50) Entitlement (4:09) Is your dream your child’s dream? (10:22) Planning for future generations (12:20) Sibling rivalry and the family business (15:10) Mitigating the pitfalls of your […]
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