Learn how to create values for your family business. In this video, Eric Flamholtz shares how to create values for each of the six key areas of family dynamics.
- All businesses need a set of core values.…Values specify what is important in a business.…In this video, let's examine how to create values…for each of the six key areas of family dynamics.…Here, again, are the six key areas where family values…and related norms must be established.…How family members in the business are to be treated.…How non-family members in the business are to be treated.…Family values for expectations of performance,…and accountability,…both for the family and non-family members working…in the business.…
How rewards and recognition, including job titles,…ought to be handled both for family and non-family members…working in the business.…Family values for the willingness of family members…to learn, develop new capabilities, and change.…And, how leadership of both the family and the business…is handled when they are both not the same person.…The process of creating values is always the same…in each value area.…Now, there are three steps to create values for each area.…First, ask all family members to explain in writing…
- Recognize the two kinds of family business issues.
- Define values in terms of a family business.
- Identify the six key areas of family dynamics.
- Summarize how to manage a business when the business leader and the family leader is not the same person.
- Recall the steps for creating values for a family business.
- Examine the importance of family business plan objectives.