Family Business Employment Policy: Individuation

This discussion relates to the second half of the Philosophy section developed by the Wilson family. As you review the elements below, I encourage you to think about the discussions the family must have had in the process of arriving at the statement.

By |2018-10-29T05:33:21+00:00June 1st, 2018|Categories: Articles, Family Relationships, Family Values, General, Managing Family Business|

Part Two: Family Business Employment Policy: Philosophy

This discussion relates to the second half of the Philosophy section developed by the Wilson family. As you review the elements below, I encourage you to think about the discussions the family must have had in the process of arriving at the statement.

By |2018-10-29T05:33:01+00:00May 15th, 2018|Categories: Articles, Family Relationships, Family Values, General, Managing Family Business|

Part One: Family Business Employment Policy: Philosophy

The process of building this policy required a great deal of discussion among the Wilson family. They needed to articulate who they were and what they stood for, and then they had to craft a statement that would work for them.

By |2018-10-29T05:30:43+00:00May 1st, 2018|Categories: Articles, Family Relationships, Family Values, General, Managing Family Business|

Family Business Employment Policy: “The Rules of Engagement”

Every game, including the “Game of Life,” has rules of engagement. Family businesses are best served when they clearly define the terms and conditions of employment for family members and for non-family.

By |2018-10-29T05:31:22+00:00April 1st, 2018|Categories: Articles, General, Managing Family Business|

Family Constitutions and Other Related Matters

Family constitutions are a form of governance that sets up structure to regulate the manner in which family business matters are handled. A family constitution has the effect of helping a family run an efficient, effective, customer-focused and community-focused business. This type of focus ups the ante on the quality of behavior inside a family enterprise.

By |2017-07-10T13:52:11+00:00May 17th, 2015|Categories: Articles|

Corporate Governance in Family Business

Corporate governance in family business is essential for long-term success. Family businesses that have survived over the generations have an internal governance structure that parallels the structures found in leading businesses around the world. Such structures provide an internal discipline on how family and non-family members will function within the business.

By |2017-07-10T13:52:11+00:00May 17th, 2015|Categories: Articles|

Rules of Engagement

A policy for how family members will be permitted to participate in the family business can be referred to as Rules of Engagement. Family business rules are often manifested in the form of a Family Business Employment Policy. Family members working in the family business must show up, produce and perform to the same standards as non-family employees.

By |2017-07-10T13:52:11+00:00May 17th, 2015|Categories: Articles|

Transfer of Control in Family Business

All owners of a family business eventually must consider a family business transfer from one generation to another. For a smooth transfer, families are encouraged to make a fully documented, comprehensive plan for all the things that must happen in the business and in their families so that transfer of control can occur in a timely manner.

By |2017-07-10T13:52:11+00:00May 17th, 2015|Categories: Articles|

Be Thankful for Founders! They Make it All Possible!

The founders of a family business make it possible for future generations to benefit from their vision and entrepreneurial spirit. A true leader inspires success. When considering succession in family business, the founders or leaders of the company want future generations to have the same level of motivation, drive and passion for moving the business forward.

By |2017-07-10T13:52:11+00:00May 17th, 2015|Categories: Articles|

Advisory Boards for Family Businesses

A properly constructed family business advisory board gives owners access to high-level executive and management talent beyond those employed by the company. Advisory boards create a forum in which active owners, in concert with other advisors, impact the strategic issues facing the company. The board makes non-binding recommendations on strategic issues.

By |2017-07-10T13:52:11+00:00May 17th, 2015|Categories: Articles|

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