There are many reasons why businesses fail, family firms are not immune to these but they also face a number of unique challenges that non family businesses simply don't face.
This article examines some of those issues.
In our experience working with advisers that truly understand the family dynamic in a family business can help.
We also find that the traditional definition of 'success' means that many businesses 'fail' simply by following a path that goes against this definition.
Make your own definition of success and this picture changes.
While lawyers, accountants, financial planners, therapists etc. have formidable technical skills, many require a more sophisticated level of understanding around business families and their unique challenges.