What does it take for a family business to be world class?
There are four well-known best practices derived from studying multigenerational family businesses the world over. These best practices are found in family businesses that have successfully transitioned to a third or subsequent generation. They include having:
- A strategic planning process and written plan.
- A succession plan — or at least an emergency succession plan.
- Family meetings.
- Non-family board members.
Take a minute: How many of the above are parts of your family business?