Here are three quick examples from my own experience.
Example one. The youngest of three brothers had just graduated from college. When he arrived for work he was told, "Take this 'SOB' division and do something with it." The kid had been handed a job description: "do something." Imagine the anxiety and confusion that caused.
Example two. A competitive father brought his son into the business without clearly defining required performance. With no direction, the son floundered and soon left the company. Even highly successful companies are not immune to these problems. Not long ago, Robert Murdock's son left their legendary business in a huff.
Example three. Three brothers owned a construction company. Each had high aspirations for his son (daughters were automatically excluded because of their gender). Each brought his son into the business in different ways. In a further complication, each son had a different education background.
Each brother was so enthusiastic about his own son that he overlooked his son's mistakes and training errors. Everything was ambiguous: performance standards, roles, responsibilities, mentoring approach, criteria for selecting leaders. This created problems among the brothers as they became defensive about feedback on their son's poor performance. It also produced problems between the uncles and nephews. In spite of their talents and successes, the brothers had not prepared a plan for family participation. Formal guidelines are critical when family members enter the business.
Here is my tried-and-true checklist developed over the years.
What is your plan to support family participation and better profits? If it isn't written down - and in detail - it doesn't exist.
We can help you write your plan with our exclusive Vision for Success. Contact us today by Email, call us at 612.375.0640, or fill out our contact form.
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