The Goering CenterGoering Center for Family & Private Business

The Goering Center

Best Practices

The Goering Center for Family and Private Business has been serving the region for over twenty years.  We monitor the research and trends of non-public firms.  With input from our founder, John Goering, our Faculty Research Executive, Professor Sid Barton, and our Board of Advisors, we have compiled the Best Practices of Successful family and private businesses.  While these best practices are easy to identify, they may be difficult to implement.  Here are those best practices:

  1. 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. Develop, regularly update, and communicate a business strategic plan, with continuous measurement of the plan results.
  3. 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. Implement leadership development plans for key positions and possible successors.
  5. Establish either a Board of Advisors or Board of Directors including non-family members.
  6. 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. Create retirement plans of owners that address lifetime security of owners, including a continual challenge for retired owners.
  8. Experience continuous financial success over time in terms of sales and profit growth.
  9. Create an active and functioning Family Council that serves the purpose of communicating company and family issues.
  10. Embrace and encourage company and individual community service.