ABSTRACT
This chapter explores the historic development of how family businesses were originated and highlights their importance in the worldwide economies. The Familiness of the business is a powerful force that must be kept in check so it can act as a power plant and does not deteriorate into a bomb that splits the family and destroys the company. In order to mitigate this, the author lists six important challenges that face the family, the business, and the family business. Chapters in the book are referred to for strategies, best practices, and solutions. Once the family@business survives the dangerous first years, the succession to the next generation comes up. Success in the process of succession needs good relationships and the author offers ten best practices to do so.
