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