If you were going to run a business with a family member, how would you go...

If you were going to run a business with a family member, how would you go about deciding on the organizational culture you want to create?

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Expert Solution

When going into business with family, it is important to keep in mind that the dynamic of relationship does not get affected by any decisions that are made on either end of the spectrum. There should be the inclusion of factors such as established ownership to prevent the conflict of succession, corporate governance and business processes and portfolio needs to be maintained which will allow dynamic expansion, structure establishment etc. Foundation and management of governance should also serve as the main reasons for the plan to be considered as a priority because it sets up boundaries and the family's own foundations are the building blocks of this structure. Wealth management also needs to be considered as far as a family run business is concerned. This will provide governance over the capital, investment and essentially allow the company to manage both engaging their relationships. These points need to be considered to decide the structure of the organization when going into business with family.

keosha answered 9 months ago

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