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Imagine Your Kids Running Your Family Business Well: No Fights, No Cheating, No Time Wasted
Watch the training to understand the family business and its components. Align all family business stakeholders, i.e., employees and family members managing the business and family members not managing the business. Draw boundaries for all family members and employees.
Steps to Address Conflict: With proper communication and understanding of the conflict, and by giving equal importance to stakeholders, the chances of conflict resolution increase.
You will identify personality traits of key participants in a family business context: 1) the senior retiring manager, 2) the younger upcoming manager, 3) a loyal long-term employee, and 4) a family member not involved in the business. Understanding these traits helps in managing dynamics and ensuring smooth succession.
A "Family Business Constitution" may sound formal, but an unwritten version already exists in your business. It comprises family members' assumptions, common understandings, and expectations, inherently present in every family business, guiding interactions and decisions.
To ensure a successful transition of your family business to the next generation, start by answering these key questions: Why does the family want to be in business together? What is our mission and values (Business Mission, Business Values, Family Values)? What bonds us to each other and our family enterprise? What returns are we seeking?
Download complete course from Google Drive for free, where you can find all workbooks and training videos