By Ph.D., Joseph H. Astrachan, Ph.D., John L. Ward, Ph.D. Craig E. Aronoff
Developing rules to steer selection making may help the relatives company steer clear of critical difficulties. The authors offer a step by step method for enticing relations in constructing rules which hide concerns reminiscent of: facing conflicts of curiosity; retirement timing; distribution of earnings; personal loan courses; reimbursement and succession.
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Additional info for Developing Family Business Policies: Your Guide to the Future
One of the reasons we recommend recording the rationale for a policy is that it hel ps family members to understand its intent when questions are raised. The development of poliey is an ongoing, evolutionary, almost perpetual process. The creation of a poliey can take many meetings, over months or even years. Many revisions are sometimes needed before a final draft is approved. In any family, polieies need to be revisited and reviewed periodically to be sure they meet the needs of the family and the business, and to be updated if they do not.
ANO WHEN? ates to market compensation? 00 we favor paying market rates or is it our view that family employees get special treatment? If we pay everyone equally now and it works because we are still a small family, can we be open to changing that policy as the family grows? • Should compensation be an "open book" in our family? In other words, will we share information on compensation of family members with each other? p validate our compensation decisions, such as consultants, independent board members, or trade associations?
For example, do we turn to a third party? When do members of the senior generation stop participating in the vote? Can family members vote by proxy? Or through other people? Board of Directors • Ooes the family want a legal board of directors or a more informal advisory board, • What are the rights of family members to be on the company board of directors, Wh at family members should be on the board and how are they selected, Will family members be rotated so that every one gets a turn? What balance does the family want in terms of family members versus non-family members on the board?
Developing Family Business Policies: Your Guide to the Future by Ph.D., Joseph H. Astrachan, Ph.D., John L. Ward, Ph.D. Craig E. Aronoff