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