In order to cope with the daily challenges of a family-owned business, the family should:

Question

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Developing an appropriate family mission statement can help guide the decision-making process and bring clarity to the family's values and goals. Hiring more relatives may create conflicts of interest or favoritism, keeping children out of decision-making can hinder their ability to learn and grow in the business, and reducing time spent on home activities can lead to burnout and decrease work-life balance.

In Order to Cope with the Daily Challenges of a Family-Owned