Avoiding friction in family business

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Running Time: 8:32

Date: 01/05/2014

Unspoken assumptions are a sure fire way to cause conflict in a family business - so speak up!

Clarity and communication are the two most important keys to avoiding friction in a family business, says Cecelia Irvine-So, Principal at law firm Moores. Her advice is to discuss openly and well in advance issues such as succession and the choice of heir apparent.

Cecelia recommends using the same selection criteria for family and non-family members, and then performance manage all employees in the same way. Be aware too of old family trust structures which may no longer be relevant.