As your family business grows, the boundaries between business and family roles may blur. Clarity on relationships, rights and responsibilities is essential to business longevity and will help to make the most of the experience, knowledge and skills within your family.
While family businesses often benefit from the shared passion and efficiency of a group of related founders, it can also create challenges.
The key consideration for recruitment and promotion is meritocracy, with selection based on qualifications and compatibility for the role, rather than on family ties alone.
It's also essential to define how you will evaluate performance of family members in your business.
The need to prepare family members to be responsible stewards of the family business can be a blind spot for many families.