Rules To Live By
Keep the peace! Written policies help family businesses stay on the right track!
Most family businesses don't need written family policy
guidelines during their first few years of operation. If available
and willing, spouses, children, parents, cousins, aunts and uncles
pitch in during the overwhelming initial stages. The founder or
founders make decisions on the fly. And while the decisions may
create a stir from time to time, it's not until a nephew says
"What do you mean I can't come work here when I graduate
from college?" or a child says "I thought when I was
ready to take over the business, you'd leave" or a bank
says "We'd like to see a succession plan before we lend
you any more money" that most family businesses think about
establishing written family policy guidelines.
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