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Most family business begin with the best intentions although as time goes by most family members learn to work together although emotions from time to time may obstruct business decisions Conflicts possibly will arise as the family members see different growth perspectives in the business Conflict distresses the daily operations specifically when relatives are also coworkers and cannot work towards to an agreement Introduction and Problem IdentificationAn article from the Family Firm Institute states the greatest part of Americas wealth lies with family-owned businesses Family firms comprise 80 to 90 of all business enterprises in North America Astrakhan Shankar 2003 What the family business means to the US in the global perspective is that an American family business contributes to the majority of our global trade We need to make sure we preserve the business livelihood and culture for our next generations and safeguard the business scenes that keep our global trade powers Obtaining key family values from the examples of successful family entrepreneurship can help to mold success for future family business Problems associated with managing a family-owned businessStudies have often shown that the family owned company is a major strength to the US economy and that 35 percent of those companies are in the leading Fortune 500 list Additionally 50 percent of the US gross domestic product 60 percent of the countrys employment and 78 percent of all new job creation are generated by family businesses A particularly large amount of Americas prosperity can be attributed to the family-owned businesses Family businesses consist of 80 to 90 percent of all business initiatives in the US Small businesses including many family firms employ just over half of US workers Of 1199 million non-farm private sector workers in 2006 small firms with fewer than 500 workers employed 602 million and large firms employed 597 million Firms with fewer than 20 employees employed 216 million Research shows that the family businesses is less likely
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