The Politics of Trying to Work With Relatives
Delaware Business Review
by Howard H. Simon, CPA and Jill R. Lock
Simon Master & Sidlow, P.A.
Relatives working in a family business can help the company flourish if certain considerations are given.By adhering to certain rules and guidelines both the relative and the business have a better opportunity to prosper.
When hiring a relative, certain rules must be set and enforced at the onset.The rules should be stated clearly, communicated honestly and applied fairly to all relatives.
The formation of the guidelines depends upon the family’s philosophy, mission, size, industry and resources available.Those guidelines must be consistent with the family’s values. More…
Building the Family Business “Team”
Family Ties Newsletter
By Michael Wilkes, MBA, CBC, Senior Leadership Consultant
Developing an effective team is a major challenge for any business. Yet, it can be especially challenging for a family business since members of your team frequently wear a number of family and business related “hats”. Unfortunately, there is no magic formula for developing a productive team, but rather an overall guide to the hard work that is required.
To start, you might want to view your team as an “energy source” that team members are responsible for harnessing and directing. The team is responsible for three primary tasks in harnessing this energy – establishing Purpose, Partnership, and Process. Within each of these tasks the team must assure there is Clarity, Capability, and Commitment. More…