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Read Delete: Family Business Issues to Consider

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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ABOUT MIKE MERCURIO

Mike Mercurio | mmercurio@offitkurman.com | 301-575-0332 | Biz Tek Today

Mr. Mercurio is a Principal and the Chair of the Firm’s Business Law and Transactions Practice Group. He serves as outside general counsel to clients on matters related to corporate and business law, commercial transactions, government contracting, health care, construction services, and real estate. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on all aspects of business and commerce including formation and structure; ownership, management and control; financing and capital; expansion and acquisition; sale and transfer; and contraction and dissolution.

 

 

 

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