Common Mistakes In Family Business


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Some common mistakes, you should avoid in your family business

Published in: Business, News & Politics

Common Mistakes In Family Business

  2. 2. • We are together in a family business to prosper and harvest the best that is possible.
  3. 3. • A few silly mistakes can lead us to ruin and turn from riches to rags.
  4. 4. should some errors not make while in a we FAMILY BUSINESS
  5. 5. • A tight knit family relationship will turn into efficient working relationship is not always true. • In fact the business relationship can ruin all the previous years of love. 1
  6. 6. • Evaluating the situation individually and handling it with care is necessary.
  7. 7. 2 The employment of any family member should be based on •education, • experience, • work ethic and • competency fulfilling the requirement of the job.
  8. 8. • Hiring a non related individual to make personnel decisions can prove to be professionally rewarding. 2
  9. 9. 3 • Keep family discussions at home making the work place totally professional and appropriate for business only.
  10. 10. • An early succession plan always is good as it keeps squabble and disagreements away from the family business. 4
  11. 11. • Transition problems can be diminished at the actual time of transition with a ready successor declared beforehand.
  12. 12. 5 • Involve the younger generation in the decision making process. _7835996-happy-business-people-standing-together.jpg
  13. 13. • Implement their ideas to bring in auspicious changes and incorporating the younger generations insights into the business.
  14. 14. Be part of a World Class Social Platform - Handle changes in your Family Business. Surviving and Thriving in your Family Business