Top 10 Tips for Family Businesses

The Australian Small Business Commissioner has recently published their top 10 tips for family businesses.  There are plenty of good ideas for all small business owners!

  1. Leave work at work and home at home.
  2. Have clear roles for each family member.
  3. Pay the award rate to all family members who work there.
  4. Use outside advisors for unbiased advice.
  5. Have a good management structure – don’t confuse ownership or inheritance with management.
  6. Be open with communication – both good and bad news must be shared.
  7. Clearly outline the entry and exit conditions for family members involved with the business from the beginning.
  8. Develop a succession plan and make sure that all parties agree on the transfer of ownership.
  9. Hold regular meetings and family ‘retreats’.
  10. Use mentors and family business forum groups as a sounding board.

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