When problems in the workplace involve the family relationships of the participants, standard business advice is of limited value, he says. Sprenkle and Purdue doctoral student Philip Mamalakis have teamed up to provide business consulting to family-owned businesses. And we don't do financial consulting although we might recommend that, too. Our goal is to bring to light the different issues that come into play with your family and your business. Family-owned businesses are defined as those in which family members have majority ownership, and at least two family members work in the business.
Succession is one troubling issue for many family-owned businesses.
However, even though it may be the opportunity of a lifetime, the son is ambivalent. The business doesn't 'light his fire' the way it did for his dad. Even when heirs are ready and willing to take over the business, the founder may be reluctant. Determining who will be in charge and how the other siblings will deal with the situation can be difficult. Heir issues can also become gender issues.