There are lots of advantages with family-run companies. Let's look at the pros and cons of keeping it all in the family.
This article in a local business journal caught my eye: "Lines Music Company No More After 123 Years, 5 Generations." "Lines Music Company, a Springfield entity for more than a century, no longer exists as a company. The company's property is set to be sold in a foreclosure sale, the result of a shift in the company's bankruptcy status from Chapter 11 (reorganization) to Chapter 7 (liquidation)."
What went wrong? Imagine the changes in environment, market and government that this company had survived. What force was so great that it destroyed a company with this kind of longevity? The same force that had held it together for so long: family.