That makes as much sense as taking the steering wheel out of your car so no one else will know where you're going. You wouldn't know where you were going, either, and even if you did you'd have no control over the process of getting there. Family businesses who try to keep control in that way almost always end up giving up control to the courts and the tax collectors. OK, let me take this opportunity to ascend my pulpit for a minute. The most persistent and damaging problems faced by family businesses are the ones they make for themselves.
Family businesses are the heart of the American business economy.
But they are especially vulnerable to hard times and collapse because so many owners remain so unbusinesslike when it comes to documenting policies, corporate decisions, succession and estate plans, ownership agreements and other important business matters. Write it down, sign it, get it notarized, keep it on file, make copies for those who need to know. It may be one of the most crucial contributions you make to the security and continuity of your family business. Earliest info on new businesses, homeowners Insurance Center Covering the needs of small business owners Legal Center Hundreds of business legal tools Office Products Special deals on equipment, supplies. Classifieds Search for business services, real estate and career opportunities.