Family Business Tips

by Joselito Du joji6000@gmail
(Cebu City, Philippines)

When you are part of the Family Business think long term. Always consider the next generations. What they will do in line of what you are doing right now. Always think of the effect. Don't be selfish thinking to yourself only on what benefit you can get on what you are doing. Be open minded and always listen.

Always think of peace in addition to growth. Don't just consider business control. Control will follow if there is peace in the Family Business. Control will follow if the other members trust you. Therefore, trust is also important if you want to have control in the business and not just on the family. Thus, it is important to establish qualifications. That is why family members should not be allowed to join the business without proper qualifications on education and work experience, and there is no vacancy in the business.

Don't just get good ideas from the experts. Get ready to shell out when needed. It is correct to say hire the people you can afford. Remember, there are a lot of business experts but there is only few family business experts. I hope the government will give focus on this.

Don't be a shame to share your problems and concerns to the experts.