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

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

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Most Popular

See all

Leadership

7 Telltale Signs of a Weak Leader

Whether a bully or a people pleaser who can't tell hard truths, poor leadership takes many forms.

By Peter Diamond

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.

By Ben Angel

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

By Amanda Breen

Marketing

5 Critical Mistakes to Avoid When Giving a Presentation

Are you tired of enduring dull presentations? Over the years, I have compiled a list of common presentation mistakes and how to avoid them. Here are my top five tips.

By Cynthia Kay