Starting a Family Business Not sure where to start when creating your family business policy? Here are the basic essentials included in most.

Sep 14, 2000

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If you're writing a family business policy, include:

A mission statement
A policy on how important decisions are made
A method for handling disputes
A determination describing how and when children or otherfamily members can enter the business
A method for family member performance evaluations
A mechanism and process for selecting a successor
A way of ensuring adequate communication among family members(even those not in the business)
A policy on compensation for family members working in thebusiness
A shareholders' agreement
The role of nonfamily senior managers
The rights and responsibilities of shareholders, directors andfamily managers

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