The Steps to Success For Family Businesses

Define in detail what each family member currently does in the company. Discuss how family members become part of the business and how they “choose their positions”.. Decide who leads inside the company (not at home) and which “swim lane” each family member is in (and when can you cross into another’s lane and what happens if you do).

Decide how difficult decisions will get made inside the company. Too many times, these are either avoided or made unilaterally by different family members separately.   In every conversation, leave what happened in the past behind and look forward to how it can be done in the future. 

Decide the next steps for the company. Will transitions be made to the next generation, or if a  professional manager will be hired or if the company will be sold.? This decision should be made on a 3-5 year time horizon.