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The Business Wealth Builders: Accelerating Business Growth, Maximizing Profits, and Creating Wealth by Alan Weiss, Phil Symchych

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CHAPTER 10

Family Business: Why YouShouldn’t get BusinessAdvice at the Dinner Table

The purpose of your business is to feed your family. And that’s exactly why you shouldn’t get business advice at the dinner table: The family has a huge conflict of interest.

As a corporate director, “you have a fiduciary duty to manage the business according to what’s in the best interests of the corporation, not the family,” says Rob Sobey. When you bring family into the decision-making process, emotions and relationships can trump logic and profits. You’ve probably already seen this happen on some occasions.

Managing the family dynamics of a family business is not only difficult, it is also crucial, to protect your wealth. Huge family blowups have resulted ...

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