small business
Jolene Brown, CSP, (@JoleneBrownCSP, and JoleneBrown.com), shares some tips on working with family in your family business.
- Hire family members well; darn hard to fire them.
- Just cause u want 2, does not mean u get 2. Being part of fam biz is not a birthright.
- Need solid financial analysis 2 make sure net enough $$ 2 add more fam employees. All want paycheck.
- Besides production/marketing advisors you need 4 strong advisors for mngtment, leadership, ownership.
- Family business not a place to rehabilitate a family member.
- Don't even mention the "golden child!" There are requirements for chosing the next leader!
- At least 50% of retirement income comes from a source outside of family business.
- With biz documents, treat family like strangers, or they may become strangers.
- Working for a non-family boss is not only smart...it is a prerequisitie for a Biz-1st-Family.
- Know the total compensation pkg, not just salary. No hiding of "perks" in a Biz-1st Family!
- If achievement of ur goal depends on assets others have, they need to have the same goal.
- Hope is not a good business strategy!
- Sometimes you just need a good 2x4!
- A code of conduct in a fam biz means nothing w/o means to hold people to account.
- When you put a fam vacation on the calendar, eyes light up. U have just said they r as impt as the biz.
- Money does not pay an emotional debt.
- Do not put you buy/sell in the will. There are other ways to exit than death.
- When ur children c you working hard, do they know what u r working 4? Define ur mission.
- Never hire a family member ur not willing to fire!
Fourteen Years! Happy Birthday To Us :)
