Learn how family and non-family members should be treated to enhance family functionality and reduce family dysfunctionality. In this video, Eric Flamholtz shares some practical tips for evaluating whether or not all members of your business feel equally treated.
- One of the key features of a corporate culture…is how people are treated.…A business can treat its people in a healthy…or unhealthy way.…The same is true of a family business,…but there are some unique challenges.…Specifically, how family members treat each other…and how they treat other non-family employees.…One area where I've seen unfair treatment is job titles.…Now in most companies, a job title reflects…the nature of a job.…But in some family businesses, job titles are false.…I can recall one business I consulted.…
The son of the family held the title…of Vice President-Special Projects.…That title might sound important to you and to me,…and it might be a real job involving corporate acquisitions…and procuring new IT systems.…But there were no special projects like that.…And, in the end, it became clear that he held the title…so he could have a job that sounded important.…Job titles matter.…So avoid using false titles for unproductive family members.…Some other areas about how you treat people…will make a difference in your family business.…
- 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.