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.