Family Business Failure

Governance
1. Family Member Position in the Business
2. Define WHY they want to stay together
3. HOW they are going to create decision-making structures
4. WHO is going to excecise leadership
5. WHAT are we going to do together as a family in business
6. Owners' Council
  1. Definition and decision of family's wealth strategy and asset allocation
  2. Creates and manages an educational curriculum to prepare the next generation for responsible ownership roles in the future
7. Board of Directors
  1. Independent directors
Professionalization
Code of Conduct
Communication
1. Acceptance of natural diversity of interests and needs of family members
Education
Meetings & Social Events
1. Interest group Structures
2. Formal Agenda
Conflict Management
1. Outsider Referee
2. Deal with them before they escalate
3. Avoid Conflicts
VALUES
1. Business Alive: Heart & Soul
2. Business vs- Ownership Roles
3. Sense of Pride, Responsibility and Humility
VISION
1. Guiding Star
  1. Family Constitution
    1. Employment Policies for family members in the Business
    2. Conflict Resolution Mechanisms
    3. Emergency planning guidelines in case of a family or business crisis
    4. Family Communications (Family Assembly and Family Council)
Succession
1. Pressure from previous Generation to take over

Zusammenfassung der Ressource

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