What are the signs of a healthy family business?
Answer these questions below along with your leadership team. See where your answers agree and disagree. Where are your opportunities to make the business operate to its full potential? Where are the gaps between where you are and where you want to be?
- What is the vision of the family? The vision of the business? Are they compatible? Are family members aware of the vision and in alignment with it?
- How do the leaders of the business set goals, do strategic planning and make decisions?
- How are managers and leaders cultivated in the organization? What career pathway is available for non-family managers and leaders?
- Is there a process in place for handling difficult dynamics and conflicts so that constructive results are achieved? How do the family and business deal with differences of opinion? Style?
- Are there fair and clear policies about compensation, hiring and firing, job definitions and decision-making?
- Has succession been dealt with, planned for and understood? Is the plan consistent with the needs of the family and the business in the future?
- Are there infrastructures and procedures in place to build consistency and fairness?
- Are there generational differences among the family members involved in the business such as risk tolerance, leadership style or strategic vision? How will the business accommodate those differences? How does this affect your family?
- What are the compensation and benefits packages of the family and non-family managers and employees?
- What is the organizational structure and culture? Do family and non-family enjoy working in your family business? Does the business culture reflect the family’s values?
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