We have many Remodelers Advantage members and alumni who are part of a thriving family business. Working with family can be both a fulfilling and frustrating experience not only for family members, but for your employees and clients as well.

In today’s throw-back episode of PowerTips TV we take a closer look at five mistakes family members make when working together and more importantly, when the business is handed from one generation to the next.

length 3:42 (not including bonus content)

Are you part of a family business? If so, do you feel everyone in the family is on the same page with business goals or are you frustrated because everyone seems to want different things?

Is the leadership of the business now and into the future clear and spelled out or is it just too difficult to talk about with your family partners?

Well, yesterday, I received a book from my friend and fellow peer group member, Wayne Rivers, Co-Founder and President of The Family Business Institute. Wayne has worked with hundreds of family businesses across the U.S. and in his new book, The Eight Building Blocks for Creating a Sustainable Closely Held Company he shares his list of the top reasons family businesses fail.

I’ll discuss these five reasons with you in today’s episode of PowerTips TV!

What about you?

Have you run into these challenges in your family business? How did you handle it? Please share your stories in the comments below!