Family Business Failure

kbpropiedades
Mind Map by kbpropiedades, updated more than 1 year ago
kbpropiedades
Created by kbpropiedades about 4 years ago
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Description

Mind Map elaborated from publication by Joachim Schwass Director of IMD Global Family Business Center

Resource summary

Family Business Failure
1 Governance
1.1 Family Member Position in the Business
1.2 Define WHY they want to stay together
1.3 HOW they are going to create decision-making structures
1.4 WHO is going to excecise leadership
1.5 WHAT are we going to do together as a family in business
1.6 Owners' Council
1.6.1 Definition and decision of family's wealth strategy and asset allocation
1.6.2 Creates and manages an educational curriculum to prepare the next generation for responsible ownership roles in the future
1.7 Board of Directors
1.7.1 Independent directors
2 Professionalization
3 Code of Conduct
4 Communication
4.1 Acceptance of natural diversity of interests and needs of family members
5 Education
6 Meetings & Social Events
6.1 Interest group Structures
6.2 Formal Agenda
7 Conflict Management
7.1 Outsider Referee
7.2 Deal with them before they escalate
7.3 Avoid Conflicts
8 VALUES
8.1 Business Alive: Heart & Soul
8.2 Business vs- Ownership Roles
8.3 Sense of Pride, Responsibility and Humility
9 VISION
9.1 Guiding Star
9.1.1 Family Constitution
9.1.1.1 Employment Policies for family members in the Business
9.1.1.2 Conflict Resolution Mechanisms
9.1.1.3 Emergency planning guidelines in case of a family or business crisis
9.1.1.4 Family Communications (Family Assembly and Family Council)
10 Succession
10.1 Pressure from previous Generation to take over
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