Policies help family businesses meet challenges
By Jay Mattie
In addition to general business challenges—like the economy, competition and the need for product innovation—family-owned companies must contend with issues unique to family businesses, such as the need to preserve harmony. But potential family disagreements need not threaten the survival of the business. Early and proactive planning before the issues arise enables family businesses to successfully navigate internal and external pressures.
Shareholder policies are one element of planning that can prove instrumental in maintaining family harmony. They can help manage the sometimes overlapping and frequently competing interests of three key constituents of a family business:
• Family members.
• Owners or stockholders.
• Business …
You must be logged in as a Family Business Magazine subscriber to read the full text online. Articles may be purchased individually for $10.00.