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Monday, November 20, 2006
Family businesses plan for the future
Transition from one generation to next key
By Kathryn Fiegen
Iowa City Press-Citizen
Tense arguments, shared success and failure, hard work, community connections and always taking work home.
It`s all in the family business.
Successful family businesses have the ability to shape a community for years. Some of the oldest businesses in the Corridor have been -- and still are -- family owned and operated.
But if a family doesn`t prepare for the future, experts say the business likely is to fail.
Paul Heath, director of the Small Business Development Center at the University of Iowa, said the biggest challenge facing family businesses today is developing plans to hand the business from one generation to the next.

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