Sustenance, growth, and continuity of family business and
partnership rms are vital. Only a few firms are passed on to the
next generation. Self, family, partners, social fabric, and
business are intricately woven. They are dependent yet mutually
exclusive at times. The interrelationships are unique and each
of them needs a different approach for making them healthy and
long-lasting. Excellence principles need to be followed
stringently.
- Define the purpose of the family business
- Create a clear business vision
-
Integrate self-vision and family vision with the business
vision
-
Define the roles of each family member from the beginning
- Choose the driver of the family business
-
Structure family members in business for authority,
responsibility, accountability, and responsibility of every
family meeting in business
- Give freedom to family members to take decisions
- Provide space to perform and improve
- Take holistic decisions in line with the vision
- Review performance with teams
- Avoid comparative performances
- Ignore the mistakes of your partners
- Learn to forgive
- Get work done thru teams to meet the desired goals
- Move from “Being Big” to “Being Pro table”
-
Monthly remuneration and annual dividends which are “Real
Money”
- Spread business risk, create wealth
- Induct the next generation with a clear growth plan
-
Appoint an Independent director for chairing board meetings
- Annual celebration
The execution of the above principles in the family business
and partnership firms ensures a very high probability of peace
and happiness among the shareholders along with longevity.