Chapter 1

What Is a Family Business?

The family business is part of the fabric of the American work ethic. Threaded throughout are the traditions of entrepreneurship, providing for one’s own, and hard work. What could be more heartwarming than a picture of a three-generation farm family (if they still exist) around their computer as they develop a hedging program, with the early sun breaking the horizon over their shoulders? The photograph of a father and son working together in the family business can stir the emotions of those who have not had that opportunity.

In addition to this history of the family business as a bulwark of our economy, they also share many of the same economic and psychological advantages all entrepreneurial businesses ...

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