Some common mistakes, you should avoid in your family business

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COMMON MISTAKES
MADE IN
FAMILY BUSINESS

2. • We are together in a
family business to
prosper and
harvest the best that
is possible.
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3. • A few silly mistakes can lead us to ruin
and turn from riches to rags.
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should
some errors
not make while in a
we
FAMILY BUSINESS

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• A tight knit family
relationship will turn
into efficient working
relationship is not
always true.
• In fact the business relationship can ruin all the
previous years of love.
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6. • Evaluating the
situation individually
and handling it with
care is necessary.
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The employment of any family
member should be based on
•education,
• experience,
• work ethic and
• competency fulfilling the
requirement of the job.

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• Hiring a non related
individual to make
personnel decisions
can prove to be
professionally
rewarding.
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9. 3
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• Keep family discussions at home making the
work place totally professional and appropriate
for business only.

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• An early succession plan always is good as it
keeps squabble and disagreements away from
the family business.
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• Transition problems can be diminished at the
actual time of transition with a ready successor
declared beforehand.

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• Involve the younger
generation in the
decision making
process.
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13. • Implement their ideas to bring in auspicious
changes and incorporating the younger
generations insights into the business.
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