Strategies to Preserve Your Family Business
The widow of Frank Perdue, longtime president and CEO of Perdue Farms, offers nine suggestions on how to preserve your family business gleaned from observing her husband’s leadership in the January/February 2016 issue of Family Business Magazine. Here are three of them:
Form a family council
“This is important because families are a little like countries. When you have a participatory democracy, everyone can feel that their views are heard, disagreements can be handled, steam let off and ruptures prevented. It’s inevitable that family members will disagree, but a governance plan can help resolve disagreements. Decide early on whether decisions are made by a simple majority, a two-thirds or three-quarters vote.”
Institute a covenant culture
The culture Frank encouraged was, “It’s OK to disagree, and to disagree as strongly and as vocally as it takes to get the issues out on the table. However, you should solve problems within the family.”
Develop a written document that expresses your values.
In Frank’s case, he spent days creating a document outlining ten values he cherished. The purpose of the document is to transmit ethical values from one generation to the next. Each family member has a framed copy. It’s a deep part of our culture.
Search Articles
Latest Articles
Impact Series: Inspiring impact with philanthropist Mitzi Perdue, Part 2
Impact Series: Inspiring impact with philanthropist Mitzi Perdue, Part 2Watch The Episode About The Episode Welcome to Ren’s Philanthropic Insights, hosted by Kim Ledger, Ren’s SVP of Complex Assets, and co-host Sarah Rhodes, Ren’s Family Office Charitable Services...
Impact Series: Inspiring impact with philanthropist Mitzi Perdue, Part 1
Impact Series: Inspiring impact with philanthropist Mitzi Perdue, Part 1Watch The Episode About The Episode Welcome to Ren’s Philanthropic Insights, hosted by Kim Ledger, Ren’s SVP of Complex Assets, and co-host Sarah Rhodes, Ren’s Family Office Charitable Services...
The Merge of the Sheraton Hotel & Perdue Chicken Family w/ Mitzi Perdue
The Merge of the Sheraton Hotel & Perdue Chicken Family with Mitzi PerdueWatch The Episode About The Episode In this episode, Mitzi Perdue shares her incredible journey, from growing up in the family behind the iconic Sheraton Hotel chain to marrying into the...
Are There Spies in Priests’ Robes?
https://www.newsmax.com/mitziperdue/darbynko-zelenskyy-putin/2024/07/18/id/1173083 Publication –newsmax.com
Subscribe to Updates
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
All Articles
A Diabetes Management, Current Therapies
A Diabetes Management, Current Therapies The Bionic Pancreas Offers New Hope For type 1 Diabetes There’s good news for those with type 1 diabetes. The FDA has just approved a device (Medtronic MiniMed 670G) that automates keeping their blood sugar at healthy levels. ...
Transgender Medicine
Transgender MedicineYou Are Likely to Have Transgender Patients All health care providers are going to have a transgender person as a patient at some point. Statistically, roughly one person in 200 has a gender identity that differs from the sex they were assigned at...
Candida Treatment for Simple and Recurrent Cases
Candida Treatment for Simple and Recurrent CasesA Large Number of Women Will Experience a Candida Infection in their Lives In the United States, 75% of women will have a vulvovaginal Candida infection during their lifetimes. In any one year, this means 13 million...
Help For Sexual Dysfunction
Help For Sexual DysfunctionSexual Dysfunction is Common Forty-four percent of women have a sexual complaint. 32% experiencing a lack of desire, 27% not experiencing orgasm, and 21% having pain during sex. Although 44% have a sexual complaint, not all of these women...
Cognitive Problems: Often They’re Treatable
Cognitive Problems: Often They’re Treatable Dementia and Specifically Alzheimer's Disease Dementia are for More Common Than Statistics Indicate The statistic that 5.5 million people in the United States have Alzheimer’s disease dementia is an underestimate. My...
Breast Cancer: Don’t Over diagnose, Do Improve Lifestyle
Breast Cancer: Don't Over diagnose, Do Improve LifestyleAvoid Overdiagnosis When you screen a healthy population for breast cancer, you’re going to get over-diagnosis. This has become particularly evident. As screening practices switched from film-based mammography to...