Achieving a Successful Family Business. There should be a gap between family and business. The business premises should only be meant for doing business not solving family problems. As this is going to make production go down as a lot of work time is wasted on solving family problems. As during this time work has been stopped. When you are in the business premises work as if you don’t know anybody -deal with them as business partners not as a family member. When somebody is doing something wrong he should be corrected immediately not to be feared because he is family member. You should be changing the guard. The time when all the major decisions concerning the family business were made by seniors are gone with time. There is suppose to be changed in guard when the senior member of the family has resisted change then the younger ones should take charge . They should be able to step down and give the younger generation time to show him how things are supposed to be done.It is advisable that they leave and give the younger generation time to show him how things are expected to be done . The younger generation will be able to open his eyes to see the opportunities that can enrich their lives. The senior people in the business should just act as mentors instead of playing the role of onsite managers.
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The tradition of senior members of the a family advising the juniors on what they should do and not do should stop. The younger generation should take charge and tell them what to be done. The senior members lack information on the many changes that are taking place in the business world they should therefore step down. The methods that they were using to run the business have been outdated and are not working today. Once they are out of the business, the business will do well.
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A family business should also keep proper paper records as other quoted company does. It is imperative to keep proper records since it will tell you the direction the industry has taken. All records must be preserved, and no assumptions should be made. For anything that is not going as required there should be accountability. as a result the business will thrive well. Assumptions should not be made in a family business. Do not assume when you if something is not right in the business. Not everybody knows how to differentiate between what is right and evil they need to be told. Correct quickly the things that are not happening in the business as expected. The members should act responsibly since the company is their source of income. Family members should not engage in gossips. Because it results in negative attitude in the enterprise. And once some part of the group has developed negative attitude then the production is going to be affected.