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Exit: Terminating Family Members
This is a big one. Some people are of the opinion that family members can’t be terminated under any but the most extreme circumstances like theft or doing something detrimental to the family. My view is that like performance bonuses, termination must also be linked to productivity. To allow the business to suffer losses because…
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Career progress for family members
What must they do to progress in their careers? Is anything in this different from what professional managers must do? Short answer: Yes. It must be more difficult, the standards higher, the challenges more exacting because your child is an owner and so must be an example-setter. Also that is how he will gain respect…
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Careers in Family Businesses
There is much confusion in most business families about what to do with non-contributing family members. The only way of ‘taking care’ of family seems to be by keeping them in the business. However negative or incompetent people have a disastrous effect on the morale of others, especially when they are themselves seen as powerful…
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Family business is more about family than about business
“The business and family love are two different, mutually exclusive issues. When the two mix, both self-destruct.” Current Existence & Growth: Who has the power and why? Performance versus identity: Who are you versus what did you do? Succession: Family or business: Which comes first? Competence versus connection: Which is more important? Families that understand…