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FAMILY INVOLVEMENT IN MANAGEMENT AND FIRM GROWTH SID REA International Workshop (SIX)Naples 08.12.2017Background Managers are highly interested in increasing sales and number of employees, i.e. pursuing

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How to fill out family involvement in management

01

Step 1: Identify the areas of the business where family involvement is desired.

02

Step 2: Determine the roles and responsibilities that family members will have in the management team.

03

Step 3: Establish clear communication channels for family members to provide input and stay informed.

04

Step 4: Provide necessary training and education for family members to develop their management skills.

05

Step 5: Set clear expectations and performance metrics for family members involved in management.

06

Step 6: Foster a culture of professionalism and fairness to ensure equal opportunities for both family and non-family employees.

07

Step 7: Regularly evaluate the effectiveness of family involvement in management and make necessary adjustments.

08

Step 8: Encourage open dialogue and collaboration between family members and non-family employees for better decision-making.

09

Step 9: Continuously work on bridging the gap between family and non-family members to build a strong team.

10

Step 10: Celebrate successes and acknowledge the contributions of all individuals involved in management, regardless of their familial status.

Who needs family involvement in management?

01

Family-owned businesses that want to preserve their legacy and maintain control over management decisions.

02

Companies facing succession planning challenges and seeking a smooth transition of leadership to the next generation.

03

Organizations that value the unique insights and long-term commitment that family members can bring to the management team.

04

Businesses operating in close-knit communities where family ties and relationships are highly valued.

05

Companies that prioritize trust, loyalty, and a strong sense of shared purpose in their management approach.

06

Entrepreneurs and business owners who want to maintain a close-knit and cohesive management team.

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