The most important commodity in the success of a family enterprise is the level of trust that exists between and among family members.
Joe Paul, a former colleague, has written this about trust:
Building a bank of trust in a family is essential to the success of a family-owned enterprise. That comes when parents create an environment of safety within the family unit. When you feel safe, it is then possible to take risks, an essential element in any business. While not always the case, implicit in being in a family business is that “family members have your back.“ That is the way it needs to be, and that is the culture that must be cultivated.
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