In this new year, family owned companies are gearing up to seize new opportunities and face new challenges. Here are the ones I think will offer the most promise and the greatest risks for family businesses this year.
Opportunity No. 1: Professionalize your business structure and operations.
Opportunity No. 2: Make crucial succession decisions and act on them.
Opportunity No. 3: Buy low.
Opportunity No. 4: Watch for the opening of new business doors.
Opportunity No. 5: Make even the greatest challenge into an opportunity.
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Photo by GiniMiniGi.