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Nothing Personal: How to Run a Family Business

It is just business. Whether it is a small company or a huge corporation that is easier said than done when it is the family running it. Ellen Desear-Espiritu writes that, when it comes to a family business, each can truly benefit if members can avoid conflict by agreeing on key issues such as the business’ direction, their specific roles in the company, and the rewards each of them may expect. This is difficult to do when there is such a fine line dividing blood ties and business matters. However, there are aspects to consider for you to make it in any type of family business such as:

  • Ask if the business is progressive
  • Have a vision and get all family members pulling together to realize it
  • Ensure orderly succession
  • Be there for the long haul
  •  Be professional. Separate family concerns from the business

So, what do you need to succeed in your affairs as a family business? Having a common goal and a strong work ethic are just some things that might help. It just takes a lot of effort and unity.

About Kristian Dayrit

Kristian Dayrit was the Associate Editor and Content Writer for AITS Philippines. He has edited and wrote various published works, articles, newsletters and such since 2007.

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