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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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    Common Mistakes In Family Business Common Mistakes In Family Business Presentation Transcript

    • 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
      • A few silly mistakes can lead us to ruin and turn from riches to rags. 
      www.FamilyBusinessBattleGround.com
    • 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
      • Evaluating the
      • situation individually
      • and handling it with
      • care is necessary.
      www.FamilyBusinessBattleGround.com http://www.ccmbl.md/images/aug07/1.1.jpg
    • 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.
    • 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
    • 3 www.FamilyBusinessBattleGround.com
      • 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
    • www.FamilyBusinessBattleGround.com
      • 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
      • Implement their ideas to bring in auspicious
      • changes and incorporating the younger
      • generations insights into the business.
      www.FamilyBusinessBattleGround.com
    • www.FamilyBusinessBattleGround.com Be part of a World Class Social Platform - Handle changes in your Family Business. Surviving and Thriving in your Family Business