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Article: Family business in crisis: diffusing the impact of divorce; Setting up the right tools can preserve your family business.
- Article from:
- Jewelers Circular Keystone
- Article date:
- November 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Most couples aren't thinking about divorce as they're getting married, but for jewelers who don't prepare for the possibility, a divorce is as much of a crisis for the family business as it is for the family.
Two out of five U.S. marriages (43 percent) end within their first 15 years, say studies by the National Center for Health and the U.S. Census Bureau, while some private studies say a third of all those married will divorce at some point. With over 80 percent of U.S. retail jewelry enterprises family-owned, the possibility and effects of divorce on a business should be of concern to jewelers.
"Divorce is never pleasant, but without preparations, it ...