Many of my favourite clients run successful family businesses, where several generations are involved in the day-to-day running or big-picture thinking for a company.
Family businesses are awesome – you get to create and build on something that can be an asset for decades to come, and help each generation
of your family learn new skills and get a head start in life.
However, there is a flip-side. Family businesses that are deeply entrenched in a family dynamic can run into all kinds of problems. I’ve seen it several times in my years as a bookkeeper. Here are some of the pitfalls to avoid.