Family-owned businesses form the backbone of Louisiana’s economy, from agriculture to manufacturing to retail to hospitality. Many of the state’s longest-lived companies are family affairs that have passed down a shared culture and institutional knowledge from one generation to the next.
But running a business with relatives also presents potential pitfalls, as personal relationships intersect with day-to-day management, long-term strategy and financial decisions.
In this installment of One Big Question, we ask: What is the key to managing the unique challenges of running a family-owned business?
Justin Alford, co-owner, Benny’s car wash and convenience stores, Baton Rouge (third generation)
It can be very tough and challenging. Everybody has their own opinions of how things should be done. It’s not that one is…
