Family businesses don’t always have it easy. Internal conflicts, inconsistent standards, a lack of alignment, and any number of other pitfalls can be magnified by an executive board whose members have known each other since they were in diapers. But top-performing family businesses also enjoy certain advantages. Being family owned is a great source of strength. The most central of these strengths is the ability to foment a values-driven culture, something that comes to family businesses more naturally due to a shared sense of history, vision, and purpose, as well as a shared legacy.
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