How to make a family business work – 12 Commandments for the Family Business

 

Family Business Australia has these tips for making a family business work:

1. Leave work at work, and home at home.

2. Communicate. Don’t avoid the bad news. Family members must be transparent about their intentions, motivations and reasons.

3. Have clearly assigned roles for each family and non-family member in the business.

4. Pay the market rate. Remunerate the job, not the person.

5. Develop a succession plan before you need it. Ensure it is endorsed by all involved.

6. Develop a robust management structure for both business and family governance.

7. Prepare the next generation.

8. Use external advisers; they can be an objective sounding board.

9. Undertake professional development to build lasting support networks and better manage business ownership transition.

10. Enhance your family business brand. Research shows consumers have more trust in family businesses, so make sure they know you are family owned.

11. Build your online profile. Customers expect to be able to access your business around the clock.

12. Make philanthropy part of your strategy. Not only can it make your business stand out in the community, it can strengthen the bond between generations and the legacy of family business values.
Source: www.íntheblack.com.au