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4694769
Family Business Failure
Description
Mind Map elaborated from publication by Joachim Schwass Director of IMD Global Family Business Center
Mind Map by
kbpropiedades
, updated more than 1 year ago
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Created by
kbpropiedades
about 8 years ago
12
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0
Resource summary
Family Business Failure
Governance
Family Member Position in the Business
Define WHY they want to stay together
HOW they are going to create decision-making structures
WHO is going to excecise leadership
WHAT are we going to do together as a family in business
Owners' Council
Definition and decision of family's wealth strategy and asset allocation
Creates and manages an educational curriculum to prepare the next generation for responsible ownership roles in the future
Board of Directors
Independent directors
Professionalization
Code of Conduct
Communication
Acceptance of natural diversity of interests and needs of family members
Education
Meetings & Social Events
Interest group Structures
Formal Agenda
Conflict Management
Outsider Referee
Deal with them before they escalate
Avoid Conflicts
VALUES
Business Alive: Heart & Soul
Business vs- Ownership Roles
Sense of Pride, Responsibility and Humility
VISION
Guiding Star
Family Constitution
Employment Policies for family members in the Business
Conflict Resolution Mechanisms
Emergency planning guidelines in case of a family or business crisis
Family Communications (Family Assembly and Family Council)
Succession
Pressure from previous Generation to take over
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