Family businesses are a unique organizational form whose distinctiveness can have both positive and negative consequences; consequently, family dynamics can often intrude in business relationships. When they are working poorly, families can create levels of tension, anger, confusion and despair that can destroy profitable businesses and healthy families with amazing speed.
It is estimated that over 90% of family businesses do not survive to the third generation and that over 75% of the failures are caused by a lack of communication and trust within the family itself!
However, when they are working well, families bring a level of communication, long-range planning and investment, rapid action and love for the business that non-family businesses yearn for but seldom achieve.
Family businesses are tremendously complicated, and at the same time they are crucial to the health of the economy and to the well-being of millions of employees, customers, suppliers and other stakeholders.
The Reger Group is a family enterprise and we have worked extensively with business families addressing the special challenges they face as they move through their life cycles and struggle with the unique effects that family dynamics have on their businesses and their lives.