In family business, having a succession plan and transferring your role as family business manager to the next generation isn’t easy and can be a lengthy process. Because of this, it is critical to prepare for succession by having a plan in place well before you need it. If possible, you should make your succession […]
Challenges of Family Business
Managing a family businesses is an important skill the family business leader should learn. Here are some common problems and how to deal with them.
Even in a family, many people have an uncle, aunt or cousin that he or she does not quite see eye to eye with every day. This can lead to conflicts in family business but there are ways around these sticky situations. You can work effectively with family members with these tips and a little […]
As a family business manager you are undoubtedly busy. Whether it’s the everyday tasks of managing a family business or dealing with tasks, you have plenty on your plate. This may include overdue deadlines, inventory issues, production problems and more. Keeping up with whether or not your family members are fulfilling their roles is a […]
It is an oft-repeated phrase that you should never mix business with pleasure. This idiom is extended to include doing business with friends and family and it is held to be as true as never talking about religion and politics with people whom you wish to remain friends. But the truth is, family businesses are […]