Dr. Marshall Northington's Managing the Family Business

family owned business problems

Managing a family-owned business presents unique problems and challenges. Family-owned businesses have rules all their own. They encounter difficulties any other enterprise faces, as well as adjust to relationship issues related to working together day in and day out. Building a profitable business while maintaining a successful marriage can be precarious at best. Integrating adult children into key company positions can be a source of optimism and success or it can lead to disaster. Bringing non-family members into a growing business can be a source of strength or be a move to sabotage it. Conducting the day-to-day activities can be productive and profitable. They can create a serious crisis when it's time for retirement and succession planning.

Dr. Northington's book, Managing the Family Business, covers the delicate issues of running a family business. Managing the Family Business is the sum of all valuable lessons Dr. Northington learned while managing his own family business. There is a case study throughout the book, and opportunities to check yourself about how you might handle similar situations. This allows the reader to interact with the material at hand. Dr. Northington also guides clients in all stages of family business operations, from making the decision to start a business to planning for retirement.

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