1. Have goals for sales and profits been set?
2. Do we have a business plan?
3. Do we have a strategic plan?
4. Is the business in good financial standing?
5. Do we have a compensation system?
6. Do we have a performance appraisal system?
7. Do we have a board of directors?
8. Can we attract and retain non family managers?
9. Is the business in a highly competitive industry?
10. Are we experiencing an increase in sales?
Family business issues
1. Do family members know they are welcome to join the firm?
2. Do we have policies for entry into and exit from the firm?
3. Is a system in place to train and develop the successor?
4. Do we have a succession plan?
5. Can family members in the firm effectively communicate?
6. Do we have a system to resolve conflict among family members?
7. Are women welcomed in the business?
8. Is there a minimum amount of sibling rivalry in the firm?
9. Is there a system in place for choosing a successor?
10. Does the family agree on goals for the business?
If you answered no to any item action should be outlined and implemented to address and set policies for that item.
The following items need to be discussed in the family business:
This list should be distributed to every family member. Responses should be compared and issues of concern to family members identified. Unresolved issues should be discussed and polices established to resolve them.
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