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

  1. 1. www.FamilyBusinessBattleGround.com COMMON MISTAKES MADE IN FAMILY BUSINESS
  2. 2. • We are together in a family business to prosper and harvest the best that is possible. www.FamilyBusinessBattleGround.com
  3. 3. • A few silly mistakes can lead us to ruin and turn from riches to rags. www.FamilyBusinessBattleGround.com
  4. 4. www.FamilyBusinessBattleGround.com should some errors not make while in a we FAMILY BUSINESS
  5. 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. 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. 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. 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. 9. 3 www.FamilyBusinessBattleGround.com • Keep family discussions at home making the work place totally professional and appropriate for business only.
  10. 10. www.FamilyBusinessBattleGround.com • An early succession plan always is good as it keeps squabble and disagreements away from the family business. 4
  11. 11. www.FamilyBusinessBattleGround.com • Transition problems can be diminished at the actual time of transition with a ready successor declared beforehand.
  12. 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. 13. • Implement their ideas to bring in auspicious changes and incorporating the younger generations insights into the business. www.FamilyBusinessBattleGround.com
  14. 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

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