As partners of a small home-tool manufacturing business, David and Ken, David's son-in-law, have put all of their energy into their struggling business. As the majority shareholder, David has overseen the product development and manufacturing facets of the business. Ken has been left with the responsibilities of sales, finance, and administration. Many times Ken has told David there has not been enough cash to pay their salaries. One weekend, David decides to review the company's books. He learns that a number of times Ken has taken home a salary when he has told David there was not enough money. In addition, he deliberately did not purchase necessary materials for the business in order to take home a larger salary himself. Stunned by these findings, David does not know whether or not he should confront Ken with these allegations and risk breaking apart his family.
             Unfortunately, this scenario is all too familiar to many family business owners, yet it does not fairly represent the typical family business. Small business owners are the entrepreneurs who believe in the American Dream. With a lot of ambition and the faith of their families behind them, these people set out to accomplish their dream. Hard work, lots of sweat, and many long hours later most of these determined souls reach it. The following will explore the pros and cons of owning a family business when it comes to interpersonal relationships, tax advantages, accumulation of wealth, and the succession of the family business.
             The interactions of the family members involved in a joint business are the foundation from which the business is built. If there is tension or other forms of strife among the members, the future of the business will not be bright. This means that the family must be open and honest with each other if their business is to succeed.
             Also, family members must interact on a professional level while at work and in a familial manner when ...