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Outreach Highlights. . .

Strengthening Family Businesses in Good Times and Bad

Abe, Ira, George
Family Business Center director Ira Bryck (center) sometimes calls on the wisdom of famous friends to help dramatize the ins and outs of mixing family and business.

Let’s face it: Running any kind of business has rarely been as challenging as it is right now.

But when a business happens to be family-owned, a whole new and sometimes unique set of challenges comes into play during tough economic times… challenges that, in any other business, might seem less emotionally charged.

For instance, how, when all is said and done, does the business get passed on to the next generation? What rights and responsibilities come with ownership or management roles? How do decisions get made that involve multiple sibling and cousin families? What happens when family issues get dragged into the workplace?

The UMass Family Business Center (FBC) has been helping family-owned companies answer those questions since 1994. That’s when local financial advisor Charlie Epstein, already familiar with the special issues faced by family-business clients, initiated the program through UMass Amherst Continuing & Professional Education—still its home within the UMass Outreach family of programs.

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http://www.umass.edu/outreach/