Prevent Nightmare House of Horrors: Family Business Quarrel, Part 2
To prevent a Family Business Quarrel
1. Create a culture emphasizing that family members are part of something bigger than themselves.
Being too self-centered is a danger in a family business. Frank Perdue always emphasized to his family they are part of something bigger than themselves. Although some people may be born unselfish, for most of us, it has to be taught. Words help, but examples are better.
2. Design an open and inclusive family decision-making process.
Developing this can mean a lot of give and take. For instance, does this include blood relatives only? Spouses? Stockholders? For a head start in designing a decision-making process, read PREPARING HEIRS by Williams and Priesser.
3. Have an Education Committee that works to instill the family culture.
As chair of my family’s Education Committee, I combed the Internet to see what other family education committees are interested in. Governance (decision-making) is a top goal for many business families. To carry out this educational goal, we have an everyone-read-the-same-book program, an outside lecturer, and a webinar each year. The value of this is increased knowledge with a tremendous side-benefit; we’re all focused on the same goal and it strengthens the family culture, the one we’re thinking of something larger than ourselves, namely, the family.
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About Author
Mitzi Perdue is the widow of the poultry magnate, Frank Perdue. She’s the author of How To Make Your Family Business Last and 52 Tips to Combat Human Trafficking. Contact her at www.MitziPerdue.com
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