Developing policies to guide decision making can help the family
business avoid serious problems. When everyone in the family
understands the basis for decision making there is very little room
for feeling slighted-- yet few businesses take the time to work
together to develp their policies. The authors provide a
step-by-step process for engaing family members in developing
policies which cover issues such as: dealing with conflicts of
interest; retirement timing; distribution of profits; loan
programs; compensation and succession.
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