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Common Mistakes In Family Business

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Some common mistakes, you should avoid in your family business

Some common mistakes, you should avoid in your family business

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  • 1. www.FamilyBusinessBattleGround.com COMMON MISTAKES MADE IN FAMILY BUSINESS
  • 2.
    • We are together in a family business to prosper and harvest the best that is possible.
    www.FamilyBusinessBattleGround.com
  • 3.
    • A few silly mistakes can lead us to ruin and turn from riches to rags. 
    www.FamilyBusinessBattleGround.com
  • 4. www.FamilyBusinessBattleGround.com should some errors not make while in a we FAMILY BUSINESS
  • 5. www.FamilyBusinessBattleGround.com
    • 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 http://www.claimedix.com/Images/BRM.jpg
  • 6.
    • Evaluating the
    • situation individually
    • and handling it with
    • care is necessary.
    www.FamilyBusinessBattleGround.com http://www.ccmbl.md/images/aug07/1.1.jpg
  • 7. www.FamilyBusinessBattleGround.com 2 The employment of any family member should be based on
    • education,
    • experience,
    • work ethic and
    • competency fulfilling the
    • requirement of the job.
  • 8. www.FamilyBusinessBattleGround.com
    • Hiring a non related
    • individual to make
    • personnel decisions
    • can prove to be
    • professionally
    • rewarding.  
    http://www.wmin.ac.uk/mad/images/cpu-tutor.jpg 2
  • 9. 3 www.FamilyBusinessBattleGround.com
    • Keep family discussions at home making the
    • work place totally professional and appropriate
    • for business only.
  • 10. www.FamilyBusinessBattleGround.com
    • An early succession plan always is good as it
    • keeps squabble and disagreements away from
    • the family business.
    4
  • 11. www.FamilyBusinessBattleGround.com
    • Transition problems can be diminished at the
    • actual time of transition with a ready successor
    • declared beforehand.
  • 12. www.FamilyBusinessBattleGround.com 5
    • Involve the younger
    • generation in the
    • decision making
    • process.
    http://www.istockphoto.com/file_thumbview_approve/7835996/2/istockphoto _7835996-happy-business-people-standing-together.jpg
  • 13.
    • Implement their ideas to bring in auspicious
    • changes and incorporating the younger
    • generations insights into the business.
    www.FamilyBusinessBattleGround.com
  • 14. www.FamilyBusinessBattleGround.com Be part of a World Class Social Platform - Handle changes in your Family Business. Surviving and Thriving in your Family Business