Shared power is not the same as equal power. The idea of shared power means respecting one another’s talents and abilities across generations, between spouses and among siblings. If one family member has a strong grasp of financial matters and another has the best operating insight, then each should defer to the other in their area of expertise. This is the best practice for the success of the business and also creates an environment where family members/employees are encouraged to offer the best of themselves.
*This is the third post in a series on The Ten Keys to Success in Family Business.
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