Being raised in several generations of family owned businesses, I have seen first-hand the opportunities and the pitfalls. In fact, in my immediate family the business generates income for seven of the family members.

One would think that with the growth of global economies and technology that big corporation would erase the family business. However, statistically 50% of the gross domestic product is generated by family business. In fact 35% of Fortune 500 companies are family companies.

With the economy changing at a rapid pace individuals may be considering additional revenue and the launch of the family business could be the answer to both the individual and family unit. Here are some things to consider when having a family business:

1. Who does what: As you determine the role for the family member be sure to draw on their strengths and your own. That is what builds complementary teams.
2. Strategic Planning: It is important to define what your business plan is and the intended path to achieve your goals. That way you know what you are working towards and how to measure your success or progress.
3. Problem Solving: When problems arise the more you can put personal egos aside the better you will be able to determine solutions. By addressing the problem or what I like to call “growth opportunities,” immediately differences of opinions can be fleshed out and you can get back to your goals.
4. Creating boundaries: It may become easy to eat, live, and breathe the family business 24/7, 365 days a year. Keeping a balance will help the overall health of all of the stakeholders. The opportunity can be a rich and rewarding experience keeping a long-time perspective.
5. Communication: This is the building block to being successful. By constantly communicating you limit misunderstandings, disagreements and negative emotion.

As children grow up in a family business the opportunity to teach the life skill of hard work will serve them throughout their lives and whatever career they choose. We all need to feel valued and competent. Sometimes you may need to make tough decisions. If you practice what Jim Collins in “Good to Great” suggests of “rigor” the family business will be able to thrive for years to come.

Family-owned businesses continue to form the backbone of America’s economy. It can be a rich and rewarding experience. I am grateful for being raised on a family farm and dairy. Being able to work on the family farm in the summer was hard at the time but I loved the dollars it put in my pocket. I remember some of the best afternoons after being in the field starting early in the morning and throughout the day ending the work day with a swim in the local canals. The feeling of working hard then playing with my siblings was what has kept us close and built the rewarding relationships I enjoy to this day.

The human mind can achieve anything it focuses on. The trick is to know what to focus on and when.