Tips for creating a family business

Get afloat a company is already a difficult task, but when it involves family may become much more complicated and arduous. That’s why we’ve collected some important advice from expert to take forward a family business and not fail in the attempt.

creating family business

Good vision
Think about making a family business requires having a clear vision of what you want to do, it should be clear what place of each member and what their roles and responsibilities, set specific targets and have clear goals. It is very common that in a family business confusion of roles and do not know who has the command, that’s why to define rolls before starting might save more than one problem.

Who is the leader?
Internal conflicts always occur in a company, but when it is a “family” these can be raised of everything and be more serious. One of the first steps in forming a family business is to create a steering committee with all staff to determine the roles and determine who the leader is. In these cases democracy can serve as a great help.

Family Protocol
Every company has a protocol, but in the case of a family business that has other nuances. It is very important that these businesses create a “family protocol” which must have regulatory aspects, succession of owners and administrative issues. This Protocol is not far from the usual protocol of a company that is familiar.

Key features
As specify in the first 2 points (Good vision and Who is the leader?), it should be very well defined what the main functions are and who or who are in charge of developing them. That’s why to avoid future problems; one of the first steps is to establish the main functions of each member of the company (or family, in this case).