Johanna Hurley | David Hurley | Jane Hilburt-Davis | Director

Family businesses also pose unique challenges and risks. Failure endangers not just your bankbook, but cherished personal relationships and the sanctity of your home. "If you feel like you're drained from a depressing day dealing with your boss, imagine coming home and not having anybody to turn to," Astrachan says. Smart family business owners protect themselves against disaster by planning ahead, separating duties, and establishing a clear line where business ends and family begins.

"One of the things that makes family businesses so strong is the relationships, when they're working," says Jane Hilburt-Davis, director of the Cambridge Center for Creative Enterprise in Massachusetts. "There's that commitment and loyalty to each other."

David Hurley credits his wife with helping turn his business around. When he started an aviation services business in 1984, Johanna Hurley consciously vowed not to get involved, focusing instead on raising the couple's three children. But when the recession of the early '90s left the company with too few clients, not enough revenue, and an unwieldy business plan, Johanna stepped in.

Though an artist and writer by training, Johanna quickly spotted segments ripe for cutting costs. She suggested moving to smaller digs inside a hangar. Next, Johanna put her artistic and literary skills to work by creating a direct-mail campaign built around a high-quality newsletter.

Johanna says she had serious reservations at first. "I made a promise to myself that if our marriage started to be affected in a negative way, I would leave the business."

Instead, both insist that the partnership made their marriage stronger. The Hurleys, who grew their business to $25 million in revenue before selling to a large international corporation in 1998 (David stayed on as chief executive), found success by sharing an equal commitment to hard work and to saving the company, and by sticking to defined tasks. Employees are quick to notice when one member of a family team lags, Johanna says. "People have to be held accountable. People need to bring value, and hold their own weight."