5

The Growing and Evolving Family Business

IN THIS CHAPTER, we take a closer look at the challenges and opportunities facing family-owned companies that have moved beyond the entrepreneurial enterprise profiled in chapter 4. In other words, the business has moved from Start-Up into the Expansion/ Formalization stage, ownership has passed from a Controlling Owner to a Sibling Partnership form, and the family is at the Entering the Business stage, where the children are roughly fifteen to twenty-five years old and the parents are at or just past midlife. The businesses and families that have reached this stage, different as they may be, share a number of common challenges: finishing the consolidation of ownership control in the sibling generation, ...

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