Blog
Family-Owned Business Advantages
Families are more likely to stick together and do what is necessary to keep the business going during hard times. Having that bond is just one of the advantages of being a family-owned business.
Best Policy Practices
Here are some suggestions to help identify and embrace your company’s best practices policies which will ensure you are heading in the right direction.
Making Decisions Based on Facts.
While family members may not always have the same opinions, they often have similar upbringing and life experiences which may lead to a uniform view of the business. Businesses need to have external views of their company and their competition in order to thrive.
Planning for Succession
It is important for family businesses to plan ahead for business succession. Many family-owned businesses do not have a plan in place, and this can be a source of heated debate and intense family politics when the time arises to select new leadership.
Benjamins & Benefits
Keeping things in the family can be a good thing, but paying the owner’s child for doing little work, no work, or bad work can create poor morale among staff members who aren’t relatives.
Are They in the Right Roles?
The informal culture found in many family businesses can result in a lax approach to training new employees, whether they are family members or not.
Bridging the Generation Gap
When there are different generations within the family participating in the business, this can be a wonderful thing. But there can be problems, too.
Establishing a Culture
The informal culture found in many family businesses can result in a lax approach to training new employees, whether they are family members or not.
Best Practices
Your family will continue to get together at the dinner table and on holidays and events, therefore it is essential to keep business problems in the workplace.