Keep the Family Baggage Out of the Family Business: Avoiding the Seven Deadly Sins That Destroy Family Businesses [Paperback]

Family businesses epitomize the best of the American Dream: you work hard, you're your own boss, you leave a lasting legacy to your children—or do you? Statistics show that only 30% of family businesses survive to the second generation, and a paltry 10% survive to the third generation. Family businesses are in trouble, and their survival is crucial to us all. Their success ensures our country's success—and their failure can drastically affect our economic health.
InKeep the Family Baggage Out of the Family Business,family business expert Quentin Fleming has identified the Seven Deadly Sins that are invariably responsible for a family business's demise.Keep the Family Baggage Out of the Family Businesspresents practical and accessible advice geared toward the average family business owner or employee and is an invaluable tool for helping family businesses not only survive but thrive.Quentin J. Fleming is a management consultant with more than a decade of consulting experience. He has worked with a wide variety of clients ranging from Fortune 500 companies to small entrepreneurial firms. He lives in Los Angeles, California, and can be contacted at FamilyBaggage.com.Chapter One: Why You Need to Read This Book

As a consultant, I am continually being told by people in family businesses that they are unsophisticated and that their lack of expertise on many business matters is hurting them. I disagree. The main thing that is hurting family businesses is the family.

A Quick Overview of Family Businesses

WHAT IS A FAMILY BUSINESS?

This book uses a simple definition of a family business:Any instance in which two or more people from the same family work together in a business that at least one of them owns.It may be a combination of husband and wife, father and son, brothers, dad and his distant cousins, and so on. This definition is used because anytime family members work together they face a lóP