FAMILY and FAMILY BUSINESS INTERSECTIONS, FAILURE MODES, and RECOMMENDATIONS

This paper explores the intersections between family dynamics and family businesses. This intersection is inevitable but not always fully understood by owners, family members, and consultants who provide services to family businesses. Both constructs, the family unit, and the family business meet the definition of a complex, adaptive, socio-technical (CAST) system, so we will explore systems theory as it applies to these two dynamic constructs. Years of consulting with family businesses lead to a review of specific failure modes, issues, and recommendations for avoiding or managing the same.