Restructuring the Family Business

Abstract

A failed family business leaves a complex trail of impacts beyond the simple loss of wealth. Personal failure, reduced self-confidence and self-respect, lower stature within the family and the community, imposed changes in quality of life, and more, are all questions that must be raised when involved in the turnaround of a family business. A framework is developed and four examples are discussed to illustrate what must be considered when family businesses require rebirth.