Each family is different in terms of its size, complexity, priorities and internal dynamics. So is every business. Because of this variety, same rules can’t apply equally to all family businesses. But, to ensure smooth running of a family business without disturbing the peace and harmony in the family, some or all of the following things need to be put in place:
- Clarifying the mission and values of the business
- Family constitution
- Family council
- Business management policy
- Family members selection policy
- Family communication framework
- Leadership succession plan
The following sections elaborate the above in detail along with some other inputs regarding the management of a family business by the family and succession planning detailed in separate sections.
(Expert advice to GROW your business wherever you are, whenever you want.
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