5 Tips to a more Harmonious Family Business

Family-owned businesses account for around two-thirds of all businesses worldwide making them essential for any countries economic growth and job creation. Although they are a major economic driver few survive as the next and future generations take over the management.

So how can we improve the odds that your family-run business is successful and endures through successive generations? 

By following the below 5 tips we hope that you can move to more collaborative business and harmonious family relationships.

Tip 1: Keep work at work and home at home.
Tip 2: Have children report to or be mentored by a non-family member.
Tip 3: Benchmark family remuneration by using third party data providers.
Tip 4: Have a trusted independent person act as a referee or circuit breaker to resolve issues.
Tip 5: Be transparent about performance by family members.

If you are thinking about setting up a family business or would like to learn more on how to empower your family-owned and run business talk to Nigel (+64 9 3071777 or nigel@covisory.com).