Ted Clark, director of Northeastern University’s Center for Family Business, suggests family businesses face many of the same challenges every business does. Those issues include a competitive marketplace, financial challenges and regulatory changes. At the same time, he said, family businesses often confront issues that are unique to them, such as navigating interpersonal relationships and generational conflicts. “The advantage of family can be a powerful advantage or a destructive liability,” Clark said.

If there’s a recipe for long-term success for these businesses, Clark said, it hinges on three “key” components: developing a functional board of advisors; strategic planning; and holding family meetings. These three activities address the majority of areas of conflict and stress points that cause conflict within family business.”