All In the Family
If you’re a family business owner, how do you maintain harmony within the family, while at the same time grooming family members to succeed you? You can start by getting clear on expectations for everyone involved in the family business.
Let’s take a closer look.
Help Your Small Business Thrive
The leader of a family business should be proactive about communication.
More specifically, they can clearly define and communicate the responsibilities of family members. As hard as it might be at first to do so, you’ll need to hold family accountable for their work performance.
Put job descriptions, expectations and feedback in writing, just as you would for any other non-family employee. To prevent business disagreements from spilling over into family life, consider setting times when you’ll discuss each.
Talk about work at work and as much as possible, keep the personal issues outside of work.
Looking at the Future
If you hope to have the next generation take over the business, it’s never too soon to start to plan.
Put together a formal succession plan that include timelines, expected progression in the business, and duties involving every aspect of your company. Some small businesses find success in rotate assignments, perhaps not only with family member employees, but also with other non-family member employees in the business, too.
Some Fortune 500 companies do this because it gives rotating employees a good overview of what’s involved with the business, not to mention flexibility when they can do more than one job.
You’ll want to enlist the help of tax, legal and banking professionals to put everything you need for business succession in writing while addressing both tax and legal issues that you should know about.
Are you considering any kind of business transition or succession? It’s never too soon to start planning for the future. Give us a call today: (513) 576-1989.