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Article: Rules to live by.(includes related article on tips for creating family business policy)(family businesses)
- Article from:
- Entrepreneur
- Article date:
- February 1, 1999
- Author:
CopyrightCOPYRIGHT 1999 Entrepreneur Media, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Keep the peace! Written policies help family businesses stay on the right track.
Most family businesses don't need written family policy guidelines during their first few years of operation. If available and willing, spouses, children, parents, cousins, aunts and uncles pitch in during the overwhelming initial stages. The founder or founders make decisions on the fly. And while the decisions may create a stir from time to time, it's not until a nephew says "What do you mean I can't come work here when I graduate from college?" or a child says "I thought when I was ready to take over the business, you'd leave" or a bank says "We'd like to see a succession plan ...