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-Retirement and estate planning. Long term planning to cover the necessities and realities of older members when they leave the company.
-Training. There should be a specific training program when you integrate family members into the company. This should provide specific information that related to the goals, expectations and obligations of the position.
-Paternalistic. Control is centralized and influenced by tradition instead of good management practices.
-Overly Conservative. Older family members try to preserve the status quo and resist change. Especially resistance to ideas and change proposed by the younger generation.
-Communication problems. Provoked by role confusion, emotions (envy, fear, anger), political divisions or other relationship problems.
-Systematic thinking. Decisions are made day-to-day in response to problems. No long-term planning or strategic planning.
-Exit strategy. No clear plan on how to sell, close or walk away from the business.
-Business valuation. No knowledge of the worth of the business, and the factors that make it valuable or decrease its value.
-Growth. Problems due to lack of capital and new investment or resistance to re-investment in the business.
-Vision. Each family member has a different vision of the business and different goals.
-Control of operations. Difficult to control other members of the family. Lack of participation in the day-to-day work and supervision required.
-Tunnel vision. Lack of outside opinions and diversity on how to operate the business.
-Lack of written strategy. No documented plan or long term planning.
-Compensation problems for family members. Dividends, salaries, benefits and compensation for non-participating family members are not clearly defined and justified.
-Role confusion. Roles and responsibilities must be clearly defined.
jim items answered the question on March 19, 2019 at 06:00
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