A well-run family business can be an enduring source of support, wealth and satisfaction.
But all too often conflict undermines not only the company but family unity. Here’s how to keep your family business on an even keel and heading in the right direction.
Magda Zelickson and her family were in a tight spot. Their growing furniture and interior design business, Interior Illusions, was running out of space at its location in downtown Winnipeg. They needed more room to show off their premium sofas, tables and accessories, such as drapes, curtains and blinds.
The family-owned store lacked windows and was tucked away in a spot with little street traffic. But Zelickson was nervous about the huge cost of a move, especially with a recession in recent memory.
Arguing in favour of the move were her husband and long-time business partner, Ken Zelickson, and their daughter Michelle Chisick. Michelle had grown up in the store, working there part time as a teen. She joined the company full time after earning a master’s degree in interior design.