Categories: Managing Family Business

Family Employment Policies — Rules of Engagement

Every family business should establish “Rules of Engagement,“ a policy for how family members will be permitted to participate in the family business. This often manifests itself in the form of a Family Business Employment Policy.

As with other documents whose purpose is to guide the business, the time to prepare an employment policy comes long before you need it. Regardless of the current age of your children, create an employment policy now! It will help you to avoid problems later.

Elements of a family employment policy fall under three categories, Entry into the Business, Compensation and Performance Evaluations/Exit from the Business. In the next three posts, I’ll discuss these elements in more detail.

Does Your Family Business Need Help?

Family Business Matters has extensive experience assisting family businesses. With many decades of experience, we understand the wide variety of challenges that families face as they work together to build, grow and sustain a thriving family business generation after generation. Through conferences, continuing education programs, family business retreats, speaking engagements and private family business consulting services, Family Business Matters has assisted more than 450 family-owned businesses around the world chart their way through family business issues of all shapes and sizes.