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A family owned business may be defined as any business in which members of one family across generations are involved in the business operations and where the majority of ownership or control lies within the family. It is an interaction between two separate but connected...

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What is Family Business Succession Planning?

“True success comes only when every generation continues to develop the next generation”. – John Maxwell Many family businesses look at succession planning as an event when the founder finally hands over the reins of the family business to his/her next generation. However, Succession...

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Effective Communication in the Family Business

Among the typical problems that plague Family Businesses Poor Communication is at the core. One of the main reason and sometimes the # 1 reason why Family Business don't last beyond the Second Generation is due to lack of effective communication. Good communication lays...

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Keys to Writing Your Family Constitution

Keys to Writing Your Family Constitution The four important steps to creating and maintaining a Family Constitution: 1. Create a Family Mission statement: The Family Constitution should begin with a personalized Mission statement. This should be based on your family's skills, abilities, Values, and...

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What is a Family Constitution?

As Family and Family Businesses develop and grow, personal relationships between Family Members become difficult, more complex and in some cases fragmented. An effective way to build that understanding is through a Family Charter or a Family Constitution. A Family Constitution, simply put, is...

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The Significance of Delegation

Condensed from articles by Gaurav Akrani, PreserveArticle, TheGuardian, Leadershipnow, Smriti Chand, James A. Baker, Lincoln Mel Hughes, Christopher Gould, Robert Tanner, Susanne Madsen, Michelle Randall, Srikanth Krishnamoorthy and Susan M. Heathfield  Understanding the Concept  The process of assignment of specific work to individuals within...

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