
FAMILY BUSINESS 97
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Communication: There should be formal and informal communication channels for the
facilitation of free and frank communication among family members. All issues should be
discussed so that any potential conflict may be identified. There should also be an established
conflict resolution mechanism involving senior advisors. Clear documentation of rights, roles,
and responsibilities of the members in the family business is essential to avoid conflicts.
Documented strategic plans, the succession plan, and the will of the founder reduce the scope
for conflict among family members.
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What are the strategies for improving the capability ...