Managing family business

Key Issues

1) Sustaining a family business relationship

2) Managing conflicts between siblings

3) Planning for succession

4) Management and Control of the family

5) Communication in a family business

Observations

1) Family business is still a business

2) The thin line between business life and family life

3) Obligation : Love for the business vs. the love for the family

4) Emotion is involved with decision making

5) Job fit for relation, not the relation fit the job

6) Non-family turnover is relatively higher than family

7) Daughters are also part of the family

8) The "Boss" may not really be the person in charge

9) Promotion may not be based on meritocracy

10) The "First Born" in a family business has little choice

11) Succession planning from the day the successor is born

12) When do successor succeeds the business, NEVER