When more than one family members get involved in running a business, management of the family owned business poses more
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A family business managed by more than one family members faces challenges due to some of the following causes: 1)
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Each family is different in terms of its size, complexity, priorities and internal dynamics. So is every business. Because of
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What mission and values are and how we can formulate the same is explained in the chapter on “Business Leadership”.
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A family constitution is a document which lays down all the guidelines which the family should follow while conducting the
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A family council is a type of supervisory board comprising of some selected family members to govern the working of
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It is necessary to decide how the family business will be managed by the family members. Answering the following questions
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Members of the owner family may naturally wish to work in the business. But, people vary in personality, attitude and
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Establish a process through which all the members of the family who have a direct or indirect stake in the
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If we wish to involve family members as employees in the business, it should be more on the basis of [...]
The lifespan of a business may outlive that of its founders. There are many businesses which continue for more than
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Following errors must be avoided in choosing a family business successor: Many business owners don’t give a serious thought to
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Here is what should be kept in mind while choosing a successor for your family business: Give priority and importance
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Once the successor is chosen, her training should be undertaken. In fact, the overall succession plan must also include the
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Here are errors which some owners make in getting the successor ready for the top job: No Planned Hand-over Process
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Managing a family business requires managing of both, the family and the business. We must also take care of their
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