Achieving a Successful Family Business. You should be able to tell the difference between family and business. The business premises should only be meant for doing business not solving family problems. If family matters are addressed in the business premises this is going to make the production go down. When they will be solving family problems no work will be going on. If you are in the business premises work as if you don’t know anybody -treat them as business partners not as a family member. Correct the people who are doing inappropriate things. How the business is managed should change. Gone are the times when the senior family member was the one who was making all the decisions concerning the family. But this is business when the senior member of the family has resisted change then the younger ones should take charge. They should be able to step down and give the younger generation time to show him how things are supposed to be done.It is advisable that they leave and give the younger generation time to show him how things are expected to be done . As a result of the change in guard he will be able to see the many possibilities that can improve his life. The younger generation should be able to see their seniors as the mentors not onsite managers.
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The the issue of senior members of the family should stop telling people what they need to do and not should be discouraged. The junior should be the people taking charge and telling them what needs to be done. Because there are many changes that are taking place in the business and they are not aware of. They have refused to change their tactics which are not working in the firm today. Once they are out of the business, the business will do well.
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Proper records of the transactions made should be held by family business just as other quoted companies do. The direction the business is taking will be known by going through red tape. They should not make any assumptions -all the records must be maintained. And there should be an accountability of anything that is not going as expected. This will make the business to be successful. Apart from that you should not make assumptions. You should not make assumptions when you see something that is not right. Not everybody knows how to differentiate between what is right and evil they need to be told. Correct quickly the things that are not happening in the business as expected. The members should act responsibly since the company is their source of income. Talking about one another should be discouraged. Gossips bring negativity in the business. When part of members of the group has developed a negative attitude, it is going to interfere with the business outcome.