How Can A Family Business Prepare for the Hard Times?

by: Prof Enrique Soriano

MANY would say (and they have a point) that initially, family members are only active in family businesses, because of the obvious reasons like being able to receive extraordinary financial gains (which they could never receive from other companies), better treatment by the administration, and the opportunity to select their preferred line of duty and their freedom to maintain a particular lifestyle. These are all undeniably true in most cases, but nonetheless, family businesses remain standing, because the family members eventually learn the value of teamwork amongst themselves.

(Image source: http://blog.vistage.com)

In order to prepare the family members to develop solutions in salvaging the family business, it is always helpful to be honest with everybody’s needs and opinions. A dialogue wherein every single family member will have the chance to voice out his/her needs and thoughts about the company’s situation and other specific issues that need to be addressed could be a healthy practice. Stressing the guidelines beforehand and doing consistent reminders are ways to preventing these from happening. #OpinYon #business

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