10 Best Practices of Family and Private Businesses
We’ve identified the 10 Best Practices from leading Family and Private Businesses. Explore these proven steps to help elevate your company.
10 Best Practices of Family and Private Businesses
The Goering Center for Family and Private Business has been serving the tri-state region since 1989. We continuously monitor the research and trends of non-public firms and have compiled the following 10 Best Practices of Successful Family and Private Businesses.
01
Family Business / Business Charter
Articulate a clear family business/business philosophy, resulting in a charter that outlines policies concerning employment, ownership, compensation, management, conflict resolution, and personal and corporate responsibility.
02
Dynamic Business Strategy
Develop, regularly update, and communicate a business strategic plan, with continuous measurement of the plan results.
03
Performance Management System
Develop and execute an employee performance management system including accurate, up-to-date job descriptions, agreed upon goals, and timely, truthful feedback and evaluations.
04
Leadership Development
Implement leadership development plans for key positions and possible successors.
05
Outside Boards
Establish either a Board of Advisors or Board of Directors including non-family members.
06
Contingency Planning
Create contingency and estate plans that address the organization’s response in the event of disability, death or voluntary resignation of owners and key officers.
07
Owner's Retirement Plans
Create retirement plans of owners that address lifetime security of owners, including a continual challenge for retired owners.
08
Business Growth
Experience continuous financial success over time in terms of sales and profit growth.
09
Family Council/Business Council:
Create an active and functioning Family Council or Business Council that serves the purpose of communicating company and family issues.
10
Giving Back
Embrace and encourage company and individual community service.
Connect With Us
Whether you’re a business owner, board member, or interested in becoming more involved with the Goering Center, we’d love to hear from you. Contact us to learn more about how you can get involved.