The family business normally doesn’t need something to talk about. The interaction of the members seems to bring out issues of opinions, whose right & wrong, what’s the best way to deal with a customer and many more for the imagination. The other day someone asked me what I thought were the most critical issues to a family business. When I started thinking about the important issues I realized that you can’t separate big from small, light from dark and critical from incidental when working with a family business. Any issue has the potential to cause a minor scrap to a major explosion. So I give you these issues with no ranking in importance and certainly not to be considered all-inclusive.
- What is the business plan?
- Who is the Boss?
- Will a democracy work?
- How do we train the new generation?
- In the Hierarchy, where are non-family employees?
- Ownership – Gift or Sell to the members?
- Salaries and Fringe Benefits
- Buy-Sell Agreements
- Division of Duties – Specialize or Rotate?
- When should Dad & Mom quit?
Have fun discussing some of the issues and maybe used it as a starting point for the family retreat agenda.
As always, your comments are encouraged and welcomed
Bob Barkett, BarkettConsulting.com