New Mexico has some wonderful family-owned restaurants. Some of them have been in the Land of Enchantment for generations. One of the biggest challenges when working with family is the balance you have to make between people and profits. “Only 30 percent of family businesses survive into a second generation, and only 17 percent into a third,” says Kathyann Kessler Overbeke, principal of GPS: Generation Planning Strategies in Beachwood, OH. Conflicting visions for the restaurants future and competing communication styles can take on a whole new level of complexity when the opposing views are between family members. That’s just dealing with the day to day operations of family-owned restaurants. Planning for transitions and successions is also key. Restaurant Hospitality takes an in-depth look at family-owned restaurants and the delicate balance between work and emotions. More…
Finding Balance with Family-owned Restaurants
