Transparency, security and fairness you would think are a given in family businesses they are not. In fact, there are more ‘principles’ that are more ‘vulnerable’ than in any other business sector.
If you are the founder: Don’t jeopardise your children’s future.
If you are working in the family business for mum or dad or with your sister or brother or husband and wife then unless you have formalised who does what, who gets what and when and how, what happens if there is divorce, what happens when someone dies then you put the harmony and security of the family in jeopardy.
Problems will arise: family businesses come with a huge undercurrent of emotion.
Don’t get it wrong. The time to secure the future is when the sun is shining and everything is in a good place.
If you don’t have the right documentation in place then call me Jane Latham, for a free no obligation chat: Call on 01225 287516