www.FamilyBusinessBattleGround.com COMMON MISTAKES MADE IN FAMILY BUSINESS

We are together in a family business to prosper and harvest the best that is possible. www.FamilyBusinessBattleGround.com

We are together in a family business to prosper and harvest the best that is possible.

A few silly mistakes can lead us to ruin and turn from riches to rags. www.FamilyBusinessBattleGround.com

A few silly mistakes can lead us to ruin and turn from riches to rags.

www.FamilyBusinessBattleGround.com should some errors not make while in a we FAMILY BUSINESS

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

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.

Evaluating the situation individually and handling it with care is necessary. www.FamilyBusinessBattleGround.com http://www.ccmbl.md/images/aug07/1.1.jpg

Evaluating the

situation individually

and handling it with

care is necessary.

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.

education,

experience,

work ethic and

competency fulfilling the

requirement of the job.

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

Hiring a non related

individual to make

personnel decisions

can prove to be

professionally

rewarding.

3 www.FamilyBusinessBattleGround.com Keep family discussions at home making the work place totally professional and appropriate for business only.

Keep family discussions at home making the

work place totally professional and appropriate

for business only.

www.FamilyBusinessBattleGround.com An early succession plan always is good as it keeps squabble and disagreements away from the family business. 4

An early succession plan always is good as it

keeps squabble and disagreements away from

the family business.

www.FamilyBusinessBattleGround.com Transition problems can be diminished at the actual time of transition with a ready successor declared beforehand.

Transition problems can be diminished at the

actual time of transition with a ready successor

declared beforehand.

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

Involve the younger

generation in the

decision making

process.

Implement their ideas to bring in auspicious changes and incorporating the younger generations insights into the business. www.FamilyBusinessBattleGround.com

Implement their ideas to bring in auspicious

changes and incorporating the younger

generations insights into the business.

www.FamilyBusinessBattleGround.com Be part of a World Class Social Platform - Handle changes in your Family Business. Surviving and Thriving in your Family Business