10 tips from Family Business Australia’s CEO – Phillipa Taylor on how to manage family relationships in business.
Use these important tips to help your business establish set policies and systems to ensure business success and avoid family feuds.
Many of Australia’s successful family businesses such as Kennards Hire have implemented strategies to manage their staff and family business practices.
- Appoint one or more independent non – executive directors to the board of directors.
- Establish a Family Council
- Create a family charter, also known as a code of conduct.
- Set position descriptions and key performance indicators for all members of staff, including family members.
- Establish a succession plan.
- Create a set of criteria or achievements family members must fulfill before taking a role in the family company.
- Ensure a will or estate plan is written up.
- Be proactive to resolve disputes.
- Avoid the courts at all costs
- Know when to walk away.