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Top ten tips for family enterprises
- Leave work at work and home at home.
- Have clearly assigned roles for each family member to avoid feelings of being taken for granted, over-worked or under-utilised.
- Pay the market rate – remunerate the job and not the person.
- Develop a strong, capable management structure – don’t confuse ownership or inheritance with management.
- Have clear, consistent communication – both good and bad news must be shared.
- Clearly define entry and exit criteria for family members before an event occurs.
- Develop a succession plan and ensure that it is endorsed by interested parties – a communicated process rather than a sudden event.
- Use outside advisers who can provide unbiased, objective advice – preferably accredited, family business advisers.
- Hold regular communication sessions and family ‘retreats’ – the best results are those facilitated by a `third party’.
- Use external advisers, sounding board, mentors and family business forum groups