In Creating More Harmony And Unity In The Family Business, Kendall Rawls discusses the influences impacting relationships and the delicate balance between family and business. Relationships take work when “times are good,” and 2020 has been anything but smooth sailing, which is testing individual emotional tenacity creating stress. Mutually agreed upon Family Business Governance policies layout expectations for how family members will interact with the business; providing a pathway for conflict resolution and minimizing stress on precious relationships.
One of our favorite phrases is Agreements Preclude Disagreements.” And the best time to develop “Agreements” is when things are “easy breezy” in business and relationships. Here are four key areas to consider to get you started:
- Criteria for employment– This sets the most important criteria by which family members (direct and indirect) can enter the business. Criteria may include previous employment and education or technical requirements.
- Behavior, attitude, and performance expectations– This sets clear expectations related to terms of conduct, dress, work ethic, attitude, and more.
- Compensation, benefits, and perks– This sets a clear guideline for what can be expected in terms of salary, benefits, and any additional (or not) perks associated with being involved in the business.
- Family governance– This establishes specific policies on how decisions will be made.
Click the following link to read more about Family Governance on the Multi Unit Franchising’s website titled: Creating More Harmony And Unity In The Family Business
Read the article and then reach out us to get some insights on your own situation. A few moments with us will provide you insight and clarity for your next steps forward. Contact Us