Developing Family Business Policies: Your Guide to the by Ph.D., Joseph H. Astrachan, Ph.D., John L. Ward, Ph.D.

By Ph.D., Joseph H. Astrachan, Ph.D., John L. Ward, Ph.D. Craig E. Aronoff

Developing guidelines to lead selection making will help the kin company keep away from severe difficulties. The authors offer a step by step technique for enticing kin in constructing rules which disguise matters corresponding to: facing conflicts of curiosity; retirement timing; distribution of earnings; personal loan courses; reimbursement and succession.

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58 DEVELOPING FAMIL Y BUSINESS POLICIES • How does our attitude ab out secrecy versus openness affect our philanthropy? 00 we wish to keep quiet ab out our giving? Or do we want to seek publicity for our giving as a way of benefiting the business? What value do we place on family members taking on leadership positions in the philanthropies we support and being in the public eye? • How will we handle controversy? This might mean a controversial gift-such as a donation to an arts group or a religious organization that turns out to offend employees, suppliers, or a particular family member.

Ultimately, involvement supports the implementation of poliey. opment process and don't fee! they have "bought into" it, they may feellittle or no obligation to live by it. 4. Deciding How to Decide The process of developing policy will be somewhat different for sm aller families (say, 4 to 12 people involved) than for mediumsized families (12-20 people) or larger families. In fact, deciding how to decide may be your family's first policy decision! oping policies or there is considerable disharmony among family members, build skills in working together by beginning with the easier policies.

What process will we use to hire people, including family members? Who makes the decision to hire? What criteria will be used? Will family members be favored over non-family? Will family members be required to fill out an application and go through the human resources department, just like any other applicant? What qualifications must family members meet? What educational requirements, for example? What outside work experience? (Families are often divided on the issue of outside work experience, with some members favoring it and others saying, "We didn't have outside experience and we did just fine.

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