10 Best Practices of Successful Family and Private Businesses

The Goering Center for Family and Private Business has been serving the Cincinnati Tri-State region since 1989. Our 10 Best Practices of Successful Family and Private Businesses was compiled based on many years of observation by experienced family and private firm consultants.

  1. Family Business/Business Charter: Articulate a clear family business/business philosophy, resulting in a 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/Business Council: Create an active and functioning Family Council or Business Council that serves the purpose of communicating company and family issues.
  10. Giving Back: Embrace and encourage company and individual community service.

Core members: Review the Member Alignment Profile (MAP).

We continue to monitor the research and trends of non-public firms in order to stay up-to-date on the latest developments and offer our membership the most impactful insights and information for their businesses.