How To Grow Your Family Business
Forbes - 05/15/2019
For advice on how to grow your family business, I turned to two experts: Kimberly A. Eddleston, a professor of entrepreneurship and innovation at Northeastern University and a senior editor on the EIX Editorial Board of the Schulze School of Entrepreneurship at the University of St. Thomas in Minneapolis (full disclosure: The Schulze Foundation is a funder of Next Avenue) and Ken Wentworth, a small business growth consultant based in Columbus, Ohio.
“There are both pros and cons of being a family firm when facing a big growth decision,” says Eddleston. “The pros are the ability of the family to sacrifice for the firm — putting in extra hours and energy without taking pay, giving the firm generous loans with little or no interest, and often very lenient payback schedules and basically doing whatever it takes to make the firm succeed.”