Bob, the dairy’s general manager (GM), came into Cliff’s office and said, “It’s bad, Cliff. This just isn’t going to work anymore. Either he goes, or I go.”

Any one of these close or far-flung family members could be an owner of your business: Cousin Earl, 88, who inherited 15 shares from Uncle Don. Your sister, who lives and works in Denver with her insurance salesman husband.

Scott and Steve have been partners for 24 years. They have worked together for 38. And they have been brothers for 50. They know each other like the back of their hands. Each brother’s relationship with his sibling is likely to be the longest of his life.

I began working with Jim, Karen and their three sons (Abe, Brett and Chad) last spring. The five had been partners* (joint owners) for the last six years. They knew they needed a buy-sell agreement, but they hadn’t been able to agree on some of the key provisions – chiefly, how ownership would transfer to widows should something happen to one of the sons.

As I mentioned in my last article in the Aug. 7 issue, the following is a trick question: “Is yours a family-first or business-first family business?” Your answer should be “neither” and “both.” Running your business to only care for family needs will eventually crush a successful business.

Family first or business first? That is a trick question: Your answer should be “neither” and “both.” An entirely “family-first” family business won’t last. The business will be crushed under the weight of family demands.

A healthy owning family with strong values may be the greatest resource a business can have. —Aronoff, C., & Ward, J. (2011). Family meetings: How to build a stronger family and a stronger business. New York, New York: Palgrave Macmillan.

“We need some help with succession planning,” the caller said, by way of introduction.

During a recent interview with a 94-year-old family business patriarch, he kicked off the conversation with the following statement. “I am not in control of this business anymore. And I don’t like it.”