Entry and exit to and from the family business is often one of the most caustic and stressful decisions that the current generation can make.
To decide whether birthright is an entry criterion into the family business, if there should be an educational requirement, whether incoming family members should have outside experience, and to whom they should report are often difficult decisions to make, and often with no conclusion. At the same time, to determine when and how the current generation will transition out of the business is often a conversation that lasts for years.
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Hear David Karofsky offer 3 tips to creating
entry criteria for your family business |
We help our family business clients understand the desires, expectations, and concerns of the key family and non-family members of the business, and thereby:
- Establish entry and exit criteria for family members
- Create and facilitate:
- family protocols
- family councils and family meetings
- shareholder councils
- codes of conduct
- Form teams
- Develop retirement planning programs
- Design compensation models
- Create accountability standards
Would You Like More Information?
For more information on how to best onboard family members to your family business, visit our Family Business Resource Center.
