1. Work with a classmate to brainstorm the advantages and the disadvantages of starting a family business with a parent.
2. What recommendations can you make to someone who is about to launch a business with a parent?

Thanks to the Great Recession, family businesses are taking on a slightly different look. When passed from one generation to the next, family businesses often have family members from two, sometimes three, generations working side-by-side. As many parents in their 40s and 50s are experiencing layoffs and their college-graduate children struggle to find even part-time jobs, a new type of family business is becoming more popular: companies cofounded by parents and children. At first blush, parents and children cofounding companies sounds like a recipe for feuding and fighting, but doing so offers many benefits. Parents bring experience, a network of contacts, business acumen, and money to the deal. Their children contribute enthusiasm, energy, and a working knowledge of technology skills, Internet savvy, and social media know-how. The combination can work together to create a dynamic business that has real staying power.