smart ideas
WE NEVER WASTE A SMART IDEA
RFN Advisory Group’s smart ideas page brings together original and curated content from innovators and thought-leaders in value acceleration and transition-readiness, as well as other related areas.
How do I manage unproductive family members who are in the business?
In a family business where siblings are partners, managing potential conflicts requires careful attention to five key areas: defined roles, expectations, evaluation, and competencies. Family dynamics can complicate working relationships, so it's essential to approach potential issues with emotional discipline, respect and a willingness to understand each other's perspectives. Fair compensation based on market rates and objective performance, separate from ownership distributions, helps maintain professionalism and company culture. Ultimately, open, non-judgmental communication and a focus on aligning skills with responsibilities can help family business partners navigate challenges and potentially strengthen their relationship.
Five Planning Mistakes Family Businesses Can Make When Planning for Transition
Keeping a family functional and communicating can be difficult at the best of times. Add in a family business, especially an inter-generational business. There are five common planning mistakes family businesses make when it comes to succession planning.