Don't let infighting destroy your family business

06/18/2013 | Bloomberg Businessweek

A common mistake for family businesses is for founders to split the business equally among children or pay them the same, regardless of job duties, say Kent Rhodes and David Lansky, authors of "Managing Conflict in the Family Business." Instead, adult children "should be compensated according to the level of jobs they have, and how qualified they are," Rhodes said. In addition, it's important for family businesses to have independent directors who are willing to deal with difficult topics, they say.

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