Maintaining the entrepreneurial spark, which is the foundation of most successful businesses, is often a challenge with succeeding generations who generally bring more professional management skills to the table. Developing the management and communication skills of family managers is a key requirement for both business success and managing conflict. Clear organizational charts with appropriate authority, accountability and responsibility – and implementing these ideas effectively – are crucial for family businesses to thrive.
PeriGrow has solid grounding in general business best practices and know where special policies and procedures need to be considered to ensure family business success. Managing family employees effectively in a family business requires appropriate HR policies, strong accountability and appropriate review and compensation. Leveraging the advantages of family management and control, while avoiding the pitfalls, can be challenging and benefit from competent and experienced independent review and advice.