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Like other organisations, family businesses need to be managed well not only to survive, but to
thrive and grow. Due to the uniqueness and complexity of a family business, the implementation
of a corporate framework can help provide structure and clarity to the business. The owner of a
family business has the same challenges as any manager or owner of a small company. The job
however is made more complicated by the presence of family members in the firm, where
decisions may be influenced by relationships and emotions which would not be an issue in other
companies.
As family businesses progress and expand, how do the family members define their roles and
overcome the challenges facing the business, to ensure their success as they transition into the
next stage of their business?
In any business employees are appointed based on their competencies with regard to the
positions available within the organisation. The challenge in a family business is allocating these
roles to family members making sure that each person has a role which best suits their
capabilities and best serves the business as a whole.
Moreover, an understanding of the lines of authority is also important especially when family
members fill several positions. Unless the family is geared to one common goal, the business is
bound to fail. Everyone in the family must do their part in the business to ensure its continued
success.
of feelings of uneasiness and unfairness among family members when there are no documented
policies on roles and responsibilities.
There is no quick solution to the problems faced by family businesses, but the answers become
clear when we are able to define goals and bring the family together to achieve business success.
Indeed, clarifying ones role in any family enterprise is a huge step to contributing to its growth
and continuity. In your family business, how do you make it work? How do you make every
member of the family accountable, in the midst of differences in priorities and personal goals?
Share with us your tips and ideas in the comments section below.