Family business success means that family members running the business understand the value of shared power. The best practice for family business success is to create an environment in which family member are encouraged to offer the best of themselves, and that it's perfectly fine to defer to another person's area of expertise.
Shared family values are exceedingly important to a successful family business. In order for a family to share a vision for the future of their company, they must have the same views and attitudes about people, work and money. If a family business does not have a shared vision, now is the time to create one.
There are many keys to success in family business. Over the course of his career, David Bork compiled a list of 10 of the most common traits for success in successful family businesses. There are many identifiable qualities shared by successful family businesses - all of which became important tenets of Bork's family business consulting philosophy.
