Preface
I became interested in the subject of family business after working as a partner in my family’s business when I was younger. I worked with my parents and brother for 17 years.
We did not have a successful succession of leadership to the second generation. Instead, we received a buyout offer, sold the business, and went our separate ways. More recently, I have employed my children in my own family business along with my wife. I studied family business decision making during my doctoral work and wrote my dissertation on the subject.
I still miss our family business. When in agreement, we could make lightning fast decisions and be implementing them within minutes. This enabled us to compete very successfully with several very large corporations in our industry. However, I wish we had been familiar with the principles of family and business governance. We could have benefitted from a family council. Family members could have had an outlet to air their views and participate in decision making. A board of advisors would have provided us with recommendations based on knowledge and experience.
Keanon Alderson