We believe that successful family businesses do a good job of anticipating future issues and talking about how to deal with them as a family before they become issues. Some of the thorniest policy issues that family businesses must deal with include the divorce of a family member, alcoholism and drug abuse, unethical conduct, affairs of family members with employees, a break in trust or confidence, the loss of rationality of a family member, moral differences, and poor work performance. Discussing these and other potential issues in family meetings offers several benefits. First, agreeing on solutions to problems in advance helps prevent family members from taking issues personally; decisions can be more objective. Second, family communication and problem-solving skills get stronger. One way to deal with potential problems is to develop a set of family business policies to guide future decisions and actions in a variety of areas. Here are some ideas that we’ve found
Private Equity Investing, Portfolio Management and Advisory - Khalil-Ghibran
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