Top ten tips for family businesses

Here are some great tips for those in family owned and operated businesses from the Australian Small Business Commissioner:
 
  1. Leave work at work and home at home.
     
  2. Have clearly assigned roles for each family member to avoid feelings of being taken for granted, over-worked or under-utilised.
     
  3. Pay the market rate - remunerated the job and not the person.
     
  4. Develop a strong, capable management structure - don't confuse ownership or inheritance with management.
     
  5. Have clear, consistent communication - both good and bad news must be shared.
     
  6. Clearly define entry and exit criteria for family members before an event occurs.
     
  7. Develop a succession plan and ensure that it is endorsed by interested parties - a communicated process rather than sudden event.
     
  8. Use outside advisers who can provide unbiased, objective advice - preferably accredited, family business advisers.
     
  9. Hold regular communication sessions and family 'retreats' - the best results are those facilitated by a 'third party'.
     
  10. Use external advisers, sounding board, mentors and family business forum groups.

Visit the Australian Small Business Commissioner website to learn the "Best practice principles for family business".