The psychological dynamics of family businesses

Family firms make up over 80 percent of businesses in the United States – there are about 5.5 million of them. Family businesses account for 60% of the GDP, they employ 63% of the work for and nearly 80% of all new jobs, but their life expectancy is only 24 years. So why don’t they seem to have more longevity? Is it family conflicts, succession planning or lack of clear policy? Dan Gottlieb and his guests explore how family business are run, and discuss the benefits and the pitfalls. His guests are psychologists Edward Monte and Donna Tonrey. Monte specializes in the psychology of family business and consults throughout the country and world. Tonrey is director of the counseling and family therapy program at La Salle University and specializes in counseling couples who work in family businesses.