Management literature and programmes deal almost entirely with publicly owned
and professionally managed companies.
Yet
the majority
of
businesses everywhere
are owned and run by members
of
the family. They even include some
of
the world's
largest companies.
If
the family-managed business is to survive, let alone prosper, it
must stringently observe
th
e following rules.
Rule
I:
Formulale Policy Framework and Rules
Policy framework that forms
pan
of
a succession plan can be used
to
clarify many
difficult issues. A succession plan should outline exactly how the transfer
of
leader-
ship will ...
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