Family Business (CONT’D FROM PAGE 1)
The Perfect Combo Get Peak Performance From Your Equipment with Matched Component Sets
vis W. Harms of Mercer Capital’s Family Business Advisory Services Group ( mercercapital.com ). “The worst possible thing is to lose high performing talent to a competitor.” Business First Family businesses thrive when they create a work en- vironment where all employees feel at home. “Any family business that grows at any appreciable pace will very soon become dependent on people who are not family mem- bers,” said Craig Aronoff, Chairman of The Family Business Consulting Group, Chicago ( thefbcg.com ). “And it be- hooves that company to ensure they feel included rather than excluded.” Equal treatment for everyone stems from a vital princi- ple: The enterprise should be a “business first” rather than a “family first” operation. Here are some specific steps that will help create a work environment that stimulates produc- tivity among all employees—family members or otherwise. Work Hard At Fairness “Non-family employees should be treated, managed, evaluated and compensated on the same basis as fami- ly members,” said Aronoff. “It’s also important to maintain clear distinctions within the family group as to each individ- ual’s role, whether that be employee, supervisor or manag- er. Within each of those roles, it's extremely important that there is perceived fair treatment of everyone—whether family or not.” Prepare The Next Generation “There is a temptation for the founders’ offspring to feel entitled, to become less productive than they might be, and to take the business for granted,” said Aronoff. “The younger generation needs to understand they must con- stantly look for ways to improve operations and to ensure the enterprise remains relevant to its market.” Promote For Performance “Advancing the right person to upper management can be a complicated and difficult process,” said Aronoff. “Choosing a family member may seem to make the deci- sion a simple one, but it's not. It’s certainly not a way to build the best possible business, nor is it the best way to help the new generation maximize their own lives and ex- periences.” Successful family operations plant an early seed of responsibility. “Make clear that it’s not your genes that prepare you for a position,” said Aronoff. “Rather, it’s your knowledge, experience, drive, and how you interact with other people. The person who gets advanced into a higher position will be the best person for the job.” Avoid Empty Positions Too often, family businesses create meaningless positions with impressive titles so members of a new generation can be brought aboard. This practice cre- ates morale problems and saps profits. Aronoff noted that the family member who requires career and em- ployment help can be provided financial assistance or
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February 26, 2024
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