A well-prepared family business provides Job Function Email List ample growth opportunities for family members to nurture their passion and be well rewarded for it through a competitive Job Function Email List Compensation Package. Considerations when planning and preparing for the next Generation in a Family Business -- When family members are young, have them work on simple jobs on a part-time basis. - This provides insights into the business, helps them Job Function Email List understand the business from the bottom up, gives them a strong work ethic and encourages Job Function Email List them to pursue and finish higher education.
Work for an outside Company after Job Function Email List graduating from college to broaden training and background. - If the family members worked in the lower ranks of the business before Job Function Email List and during high school and during the summers in his/her college years, then outside experience can justify moving a family member into a higher position Job Function Email List level upon entering back into the business. -- Some tips when preparing for the next generation to join the Company: - Never allow a family member to work in senior management Job Function Email List until that member has worked for someone else for a few years.
Rotate the family member throughout different positions to cross train, as well as, pinpoint interests and skills. - Promotions only come when earned, Job Function Email List just like everyone else in the Company. - Devote time every day, preferably over breakfast, for face-to-face mentoring, teaching and training. - Don't take business issues and matters back home. Job Function Email List - Reward the family member with responsibility so he or she can learn to manage the business in order to potentially take over or have executive level responsibilities in the future. - Make sure the family member Job Function Email List knows you trust him or her. - Allow them to make mistakes and fail; give them room to grow and learn. Help them when asked; give them autonomy.