- June 17, 2021
- Posted by: Stratford Team
- Category: Business
Work-life balance and succession planning are major issues within family-owned businesses.
Those were the hot topics discussed during the first of the two-day Crain’s 2021 Family Business Summit.
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Stephanie Byrd, who co-owns Floods Bar & Grille, The Block and The Garden Theater in Detroit with her father, Michael Byrd, said there is no work-life balance as a family business owner.
“There are pros and cons to that. There’s not a lot of privacy and everything is up for grabs,” said Byrd, a 2020 Crain’s 40 under 40 honoree. “I’m still learning. It’s jarring to me at times that there’s no hard stop. We quickly go from discussing one personal point back to work. Your personal life is up for grabs, which I’ve learned the hard way. I’ve learned to navigate the waters of being a part of a family business.”
At the summit, panelists from a variety of businesses discussed complex topics such as…
