The Hard Truth About Family Businesses
Sometimes, says Lou Mosca, the best family businesses employ only one family member.
Good Morning!
Here are today’s highlights.
Restaurants are finally learning to charge what they need to charge (even if some people complain).
Are smaller businesses falling behind on AI adoption? Or is the technology not quite ready?
Edible Arrangements would seem very well positioned to sell edibles.
Americans would rather reminisce about shopping malls than shop in them.
MANAGEMENT
In this week’s video, Lou Mosca says that George Cloutier, founder of American Management Services, once wrote: “The best family-run business has only one family member.” It’s a harsh truth that owners often ignore, especially during generational transitions. In trying to be “fair,” many hand out titles based on bloodline, not performance—weakening the business they’ve worked so hard to build. Family ties don’t equal qualification. If relatives want to join, they should first prove themselves elsewhere under a real boss, in a real job. Only then should they return for serious conversations about leadership and ownership. Protecting your business sometimes means saying no to family. CONNECT WITH LOU
