Family-owned and operated businesses account for nearly 90% of US businesses--some 5.5 million such entities, they account for 75-85% of our GNP, and about one-third are headed by women. From Wal-Mart, Ford, and Mars Chocolate to local companies such as Vent-a-Hood, Frank Kent Motors, Hunt Oil, and Prestige Maintenance USA--all are family-owned businesses that continue to impact our economy and our community. Family business have unique characteristics, advantages, pitfalls, and composition as compared to publically-held companies. In particular, family businesses must keep at their forefront a notion of what family means while ensuring that all elements inside their company function appropriately. When they lose sight of this, they can easily fall victim to the dysfunctions of a family--and it will affect the business. They must also approach strategic decisions--including succession--in a way that preserves their business and their family. Delaying or ignoring these decisions often will have a detrimental effect on the future, not just for their family, but for the success of their enterprise. This session will address some of these decisions, pitfalls, and characteristics using examples--many first-hand. David grew up in a family business and today works with many family businesses particularly on strategy, expansion, and succession.