3.

Design

Choose the Type of Family Ownership You Want

In college, Megan finally found her passion. An inspiring biology teacher had led Megan to dream of becoming a biology professor herself one day. But after graduation, Megan’s mother, Lauren, convinced her only child instead to join the family pet care business, which her mother owned with her two brothers. Putting aside her own academic aspirations, Megan accepted a position in sales and marketing.

But try as she might, she never settled into the job. After many sleepless nights, she worked up the courage to tell her mother that she wanted to leave the business to pursue a PhD. Megan was unprepared for her mother’s response.

“Megan,” her mother said, “you can’t leave the business. Our shareholder ...

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