By Denise Kenyon-Rouvinez, John L. Ward (auth.)
The relations enterprise has been the main accepted and pervasive kind of company in lots of nations and increases specific questions bearing on succession and governance and specifically the relationships among administration, board participants and kin. This ebook is a suite of articles by means of top thinkers and practitioners at the relations enterprise which covers such matters as assuring a fit relations company, relations procedure, governance and succession
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Additional info for Family Business: Key Issues
Sample text
However, not all cultures have the opportunity to select ownership distributions: for example, Shariah law requires Muslims to follow strict inheritance laws as to who will inherit and what will be received. In Scandinavia and other northern European countries and cultures, three different succession principles have been prevalent – primogeniture, seniority, and equality. In the first two, a patriarchal logic has been used, where gender and seniority have guided the division of ownership among heirs.
Once a business reaches a size where labor specialization is the norm, competency and qualifications become more important in the selection of personnel. Family members must increasingly bring to the business professional training, and the accompanying knowledge and skill-sets that qualify them for given positions. Increases in the size of the family can also generate a need to formalize and standardize the entry process for family members. Most family employment policies begin with setting standards for entry into the business.
The requirements of the business often affect the employment and compensation policies of the family. The capital intensity of the industry impacts family dividend or redemption policies. The interpretation of all these factors shapes the feasible as well as the desired Family Vision for the future of the family with the business, and vice versa. Understanding these cross-effects helps in understanding the building of the strategy of the business and the family’s protocol/constitution. Family businesses dominate our societies.