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Best Practices of Family and Private Businesses

The Goering Center for Family and Private Business has been serving the region for over twenty-five years. We monitor the research and trends of non-public firms. We have compiled the Best Practices of successful family and private businesses.

  1. Family Business Charter - Articulate a clear family business philosophy, resulting in a family charter that outlines policies concerning employment, ownership, compensation, management, conflict resolution, and personal and corporate responsibility.
  2. Dynamic Business Strategy - Develop, regularly update, and communicate a business strategic plan, with continuous measurement of the plan results.
  3. Performance Management System - Develop and execute an employee performance management system including accurate, up-to-date job descriptions, agreed upon goals, and timely, truthful feedback and evaluations.
  4. Leadership Development - Implement leadership development plans for key positions and possible successors.
  5. Outside Boards - Establish either a Board of Advisors or Board of Directors including non-family members.
  6. Contingency Planning - Create contingency and estate plans that address the organization's response in the event of disability, death or voluntary resignation of owners and key officers.
  7. Owner's Retirement Plans - Create retirement plans of owners that address lifetime security of owners, including a continual challenge for retired owners.
  8. Business Growth - Experience continuous financial success over time in terms of sales and profit growth.
  9. Family Council - Create an active and functioning Family Council that serves the purpose of communicating company and family issues.
  10. Giving Back - Embrace and encourage company and individual community service.
 
Click below to view/download the Best Practices:
 

 

Core Members: To learn about the Best Practices Alignment Profile (BPAP), click here.