Intuit has a great article featuring Henry Hutcheson sharing his wisdom for successfully working with transitions when you’re a family owned business. Many of the pointers are equally relevant for a business ventured between friends as well. Below are his six pointers. Head over to Intuit to read the full article.
- Tell each other difficult truths.
- Clearly define each family member’s role.
- Always keep an eye on the numbers.
- Don’t overpay family members.
- Don’t hire or promote family members who aren’t qualified.
- Remember that transitions don’t happen automatically.