The ‘business is business’ mindset can be a problem in a family enterprise. The family dynamics factor in a family business is strength and a weakness, an opportunity and a threat. Six best practices are proposed.
Conflict in a family business is normal. But it needs to be addressed and managed before it is allowed to dominate poor governance and ultimately destroy the business. The conflict paradigm is one protocol that works well with many work groups.
The accounting function of a business should measure more than profit and equity once a year. It should provide a service for management to help determine how money was made and how equity can be increased.
One of our most common catch phrases these days is, “It’s not personal.” I’m not sure what that means, or where it came from? It seems to be some action taken by someone else that clearly affects your life, but you aren’t supposed to take it personally. Anything that affects your life is very personal. […]
Sibling rivalries can leave families ruined and businesses destroyed. To avoid sibling rivalry overdose, families and businesses need to establish “best practices.”