10 Signs You’re Losing Control of the Family Business
What happens when the family business outgrows the family?
As our family businesses grow it becomes increasingly more difficult to maintain the competitive advantages that make us unique from non-family firms.
We need to formalize the financial reporting, bring in non-family key managers and develop a more formal planning method. We also need to retain the small business culture of treating employees as family and staying nimble and responsive with our decision making.
The key is to balance the best of both: professionalize the family business without losing your identity. A family business panel will show you the methods that worked (and didn’t work) as they went through the process of professionalizing their businesses.