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Traps and transfer of Power in The Family Business (Avoid the Traps…
Traps and transfer of Power in The Family Business
Avoid the Traps
There’s Always a Place For You Here
Ask for
Graduate degree
Several years of relevant professional experience outside the family business
Apply for open positions in competition with nonfamily applicants
The Business Can’t Grow Fast Enough to Support Everyone
Manage family entry and scale for growth
Tendency of the Family Members to specialize in the same aspect of the business
Appoint nonfamily mentors
Transferring Power in The Family Business
Generate several disorders and conflicts
Replace the family management by professional management
1- An initial family gathering covering the principles of owning a family business
2 - Meeting individual with family members and key stakeholders using a specially developed questionnaire
3 - Identifying and prioritizing key issues for the family and the business, witch are used to develop a draft family charter
4 - A family retreat over two days at which family members reach a consensus on issues, complete a family charter and establish a family council
5 - Post-retreat follow up; the completed family charter is usually issued at the next family council meeting
Sources
https://hbr.org/2012/01/avoid-the-traps-that-can-destroy-family-businesses
https://hbr.org/1976/07/transferring-power-in-the-family-business
Source:
https://www.bdo.com.au/BDO_AU/media/bdo/Familybusiness_Ourapproach_fivesteps.png
