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Managing a Family Business

MSNBC's Your Business 00:55

1 Comment

June 13, 2010

Running a business with family member presents some unique challenges. Here are five tips for managing a family business courtesy of Entrepreneur.com. 

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  • OLUBUKOLA ASHAOLU 1 year 11 months and 20 days ago

    OLUBUKOLA ASHAOLU

    Very helpful tips here: I especially resonate with the first topic concerning creating a hierarchy so the chain of commands is clearly defined and everyone knows that is expected of them. Having those requirements written down and holding those family members accountable is the best, and most often hardest thing to do. And the owner must be ready to let a family member go if they continuously refuse to meet that standard. It is very easy for a family member to feel privileged in the family company and feel that business assets are family assets, and that way of thinking needs to me stymied fron the outset.

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