The Family Business Institute was created to help families navigate the complexities of living and working together. 

 

10 Steps for a Successful Family Business:

  • Develop a clearly defined philosophy and mission statement for the business that is clearly understood by each family member.

  • Develop a written plan for job expectations, compensation, and perks.

  • Develop clearly defined roles and separate areas of responsibility. 

  • Schedule regular family business meetings to make sure lines of communication remain clear and intact.

  • Develop rules of conduct to ensure civility and mutual respect.

  • Select a financial advisor or planner who is neutral and represents the best interest of the business rather than of any one individual.

  • Schedule annual reviews of job performance. 

  • Respect each family member’s individuality and need for personal time.

  • Develop clear and evolving leadership roles for founder and successors.

  • Make sure that your business has a clear plan with time lines for succession.

Betty Ann Richmond, M. Ed,
Licensed Mental Health Counselor

The Family Business Institute

Let's Connect

Fremont Professional Center

753 N. 35th St. Suite 301

Seattle, WA 98117

Email: bettyannrichmond@comcast.net

Phone: (206) 849-6113

© 2020 by Betty Ann Richmond