Managing A Family Owned Business
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The challanges facing a 1st - 2nd - 3rd generation family owned businesses are unique and can create more complexity. The personalities and emotions can stretch a business environment (it's people) to the limits.
So what can you do? The following is a basic outline of the formula I try to use:
1. Identify succession needs/time frames for the owner(s)
2. Build a business model to achieve those objectives
3. Create a "Today" org chart & a "Future" org chart to use as the building guide & help keep things in perspective
4. Establish chain of command with clear job descriptions
5. Learn how to improve leadership & communication skills throughout the company. Employees are affected also.
6. Practice - Practice - Practice till you get it right. It is a marathon, not a sprint but the rewards of success can be well worth it.
