Issues to consider when operating a family business with family employees:
FAMILY MEMBER SKILL SETS AND ROLES – DETERMINE EACH FAMILY MEMBER’S SKILL SETS THAT MAKE THEM AND THE COMPANY SUCCESSFUL
– Start discussions early on that it is not a birth right to lead the company
– Require learning the company operations from the bottom up
– Do what is right for both the family member and the company
– Provide education, training, and development internally and externally to the company
– Determine objective skills and appraisal process for roles in company
– Consider the finite limit that having family members as only management pool to fill CEO level and leadership roles provides
– Develop next generation pool of talent with skills assessment, personal fulfillment discussions, cross training and objective feedback
Source: Family Business Hacks
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