BEST PRACTICES IN FAMILY BUSINESS MANAGEMENT
1. Identify the final decision maker T his tip came from family members who came into the business from the corporate world. Often family businesses just run the business without identifying who should be focused on what and who is best to do that role.
2. Identify skill sets and invest in them This tip came from family members who came into the business from the corporate world. Often family businesses just run the business without identifying who should be focused on what and who is best to do that role.
3. Create a transition plan for the next generation family businesses are supposed to be just made of family. Make sure there is a plan to pass the business along to the next generation
Family Business' Blog 