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Family businesses can have lots of strengths such as loyalty and commitment. Weaknesses can include paralysis arising from a fundamental difference in need between a family and a business.So for example families tend to want to minimise change whereas businesses need to exploit change; families tend to be inward looking whereas businesses need to be outward looking; families often want to avoid conflict whereas businesses need to deal with conflict; families tend to be reactive whereas businesses need to be proactive.
It is these fundamental differences in need that can be the cause of conflict in family businesses. In the knowledge economy where the product and service life cycle is getting shorter and shorter it is more important than ever that these differences are resolved, one way or another.
posted by Tim @ 1:17 AM
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