How and when to fire a family member from the family business

In my career as a family business consultant, there’s a single piece of advice that is both the hardest to hear and (sadly) the best advice I have had to give to some of my clients: It’s time to fire a family member. 

While it’s not a common occurrence, it’s not quite uncommon either. I’ve had to consult on this issue several times in my career and it’s never easy for me, let alone the family business leader. For them, likely one of the toughest decisions they’ll ever make. The decision is agonizing — but in many cases, necessary.