“Are the roles and responsibilities clear in your family business?”
In this podcast Vincent talks about what happens when a family has different types of roles – and active and non-active shareholders – involved in the family business. He also discusses how important it is that the current generation of owners mentor the next generation and what they must do in order to prepare them to take the reins of the company someday.
What is your company doing to mentor and educate the next generation of leadership? Do your children have the practical business skills they will need to succeed? Can they read a business statement? Manage employees? Have they ever been to a shareholder meeting or a business workshop? Now is the time to be teaching these important skills and educating younger members of the family business about how the company really runs and how to manage it.