The Concept Of Family Business

The concept in family business is to hold the ventures together under a family's head. The liabilities and assets should be well within the reach of the family. Transactions are to be transparent. The man at the helm should be genuine and should favour none.

If there arises a misstep then the business would suffer.It should be a tread with caution, a balanced walk on a rope The policies should be discussed.  The periodical meetings should be held. The implementation of the policies should be done as per the schedules. Not any way in a hurry. A  free hand should be given to the chief executives when they have to act on an urgency or an emergency.

So any crossing or counterchecking should not be the case. The suspicion should not find  the

 way. If at all it arises then it is a total disbelief in the management. This exercise should be averted. Only sincerity would hold the business. Other flip flop activity would crumble in no time.

That way be the way to run a family business. Of course, the top level management could draw a salary equivalent to their efforts and a bonus for effectively managing the show. An understanding should never be in oral terms. All should be put in black and white and act as testimony to the managerial skill.