Family businesses can leverage their unique relationships for competitive advantage, but unresolved conflicts can lead to resentments and inefficiencies, impacting business performance.
To promote accountability, involve each family member in defining roles and responsibilities, setting consequences for unmet duties to ensure clarity and commitment.
Creating a flexible succession plan with regular progress tracking ensures that family businesses can adapt to changes and manage transitional challenges effectively.
Reflecting on both current roles and dream responsibilities helps family members align their contributions and expectations, fostering a healthier family business dynamic.
#family-business #roles-and-responsibilities #succession-planning #conflict-resolution #accountability
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