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January 1, 2002

Family businesses are especially vulnerable to emotional biases that create ‘untouchables’ – people with lifetime tenure in the firm regardless of performance. No family business can eliminate emotions, but a few tips from university tenure systems can help ensure the ‘untouchables’ will be contributing to the firm’s success

Recently, my 19-year-old daughter came home from university for a visit. Over the weekend we talked about a central concern in her life – 'I need more money'– and a central concern in mine – 'how are you doing in school?' Though she got the predictable answer from me – 'No'– I got a little more than the usual – 'I'm doing OK' – from her.

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