Family Keys Alphabet – C

From time to time, we’ll post Bea Wolper’s “A-Z Keys to Family Business Success” followed by a question from one of our members on the topic – here’s C:

C- Communication. This is the single most important factor for success—without which the family business will fail. All family members, whether working in the business or not, and non-family managers, need to communicate with each other, even on those hard-to-discuss matters.

Question: How can our family business communicate more effectively?

Answer: Communication must be clear and consistent. A clearly outlined Family Business Plan is an excellent preventative against family dynamics difficulties.