Family business is also the center of all businesses.
Family businesses generate approximately half of the GNP and half of the total payroll of the U.S., so their economic impact is significant. Although family firms encounter the many obstacles faced by all businesses, the fact that the owners are related to each other creates an entirely unique set of challenges for the business. The challenges faced by the family business can be overwhelming. Some of these challenges include sibling rivalry, marital discord, and succession dilemmas. Whether a family business succeeds or fails depends on how well it can balance the needs of the family with the family's business interests.