Starting a Family Business Not sure where to start when creating your family business policy? Here are the basic essentials included in most.

Sep 14, 2000

Share

If you're writing a family business policy, include:

A mission statement
A policy on how important decisions are made
A method for handling disputes
A determination describing how and when children or otherfamily members can enter the business
A method for family member performance evaluations
A mechanism and process for selecting a successor
A way of ensuring adequate communication among family members(even those not in the business)
A policy on compensation for family members working in thebusiness
A shareholders' agreement
The role of nonfamily senior managers
The rights and responsibilities of shareholders, directors andfamily managers

Want to be an BIZ Experiences Leadership Network contributor? Apply now to join.

Editor's Pick

These Brothers Started a Business to Improve an Everyday Task. They Made Their First Products in the Garage — Now They've Raised Over $100 Million.
Former Super Bowl MVP Drew Brees Reveals the 3 Core Values a Brand Must Have Before He Invests
How to Develop the Mindset for a Billion-Dollar Success, According to Raising Cane's Founder
'Be the Envy of Nerds Everywhere:' These 5 Tech Tools Make Your To-Do List Easier to Tackle
Why Retirees Have a Hidden Edge as BIZ Experiencess
AI Will Create More Millionaires in the Next 5 Years Than the Internet Did in 2 Decades, According to Nvidia's CEO

Most Popular

Science & Technology

OpenAI's Latest Move Is a Game Changer — Here's How Smart Solopreneurs Are Turning It Into Profit

OpenAI's latest AI tool acts like a full-time assistant, helping solopreneurs save time, find leads and grow their business without hiring.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for BIZ Experiencess to pursue in 2025.

Business Solutions

Boost Team Productivity and Security With Windows 11 Pro, Now $15 for Life

Ideal for BIZ Experiencess and small-business owners who are looking to streamline their PC setup.

By BIZ Experiences Store

Marketing

With the Rise of AI and Social Media-Driven Search, How Can Businesses Adapt Their SEO Strategies?

As AI and social platforms reshape how people search, traditional SEO tactics are no longer enough.

By Rachel Sterling

Starting a Business

I Built a $20 Million Company by Age 22 While Still in College. Here's How I Did It and What I Learned Along the Way.

Wealth-building in your early twenties isn't about playing it safe; it's about exploiting the one time in life when having nothing to lose gives you everything to gain.

Money & Finance

These Are the Expected Retirement Ages By Generation, From Gen Z to Boomers — and the Average Savings Anticipated. How Do Yours Compare?

Many Americans say inflation prevents them from saving enough and fear they won't reach their financial goals.

By Amanda Breen