In Best Practices for Families in Business: Part 3, we discuss catastrophe planning, succession planning and ownership planning.
In Best Practices for Families in Business: Part 2, we discuss job descriptions, performance management, strategic planning and advisors.
In this column we focus on five of the Best Practices: having a shared vision, embracing shared values, engaging in productive dialogue, understanding the roles and responsibilities of owners, and building trust.
The New Normal; if it’s new, it’s not normal. Yet, even in tumult, humans want normalcy. This is where good Family Business practices come in.
Every family in business has its way of knowing what it knows, its own epistemology. Knowledge could be for some a hunch, for others a market analysis. Every family also has its means of engaging its members with that knowledge. That base of knowledge is the foundation on which communication is built. It’s common ground on which grows common language.