When more than one family members get involved in running a business, management of the family owned business poses more [...]

A family business managed by more than one family members faces challenges due to some of the following causes: 1) [...]

Each family is different in terms of its size, complexity, priorities and internal dynamics. So is every business. Because of [...]

What mission and values are and how we can formulate the same is explained in the chapter on “Business Leadership”. [...]

A family constitution is a document which lays down all the guidelines which the family should follow while conducting the [...]

A family council is a type of supervisory board comprising of some selected family members to govern the working of [...]

It is necessary to decide how the family business will be managed by the family members. Answering the following questions [...]

Members of the owner family may naturally wish to work in the business. But, people vary in personality, attitude and [...]

Establish a process through which all the members of the family who have a direct or indirect stake in the [...]

The lifespan of a business may outlive that of its founders. There are many businesses which continue for more than [...]

Following errors must be avoided in choosing a family business successor: Many business owners don’t give a serious thought to [...]

Here is what should be kept in mind while choosing a successor for your family business: Give priority and importance [...]

Here are errors which some owners make in getting the successor ready for the top job: No Planned Hand-over Process [...]