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Business is Business: Reality Checks for Family-Owned Companies

Business is Business: Reality Checks for Family-Owned Companies
by Kathy Kolbe & Amy Bruske

Many businesses we work with are family-owned and operated.  Often times, it is the intent for one generation to pass the business down to the next generation.  Generally, there is no harm in doing so; however, there are some factors to consider before employing a member of your family.  Certain questions must be asked to better determine what value the family member will bring to the company.  The employment should not be solely beneficial to the employee, but also to the business.  Business is Business: Reality Checks for Family-Owned Companies is an excellent guide to help establish boundaries amongst family members, as well as considerations to make and thoughts to ponder; thus minimizing future challenges.

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PKC Kuebler, APC is a full-service public accounting firm registered and licensed to practice as an accountancy corporation by the California Board of Accountancy . The information provided is intended for general tax and accounting needs. Articles are written for informational purposes only and should not be seen as any kind of advice. Content is accurate and true to the best of our knowledge, however, there may be omissions, errors or mistakes and it is advised you contact your CPA before taking any financial action. The opinions expressed in our articles do not reflect the opinions of any organizations in which we are affiliated with.

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