Ownership in a family business is typically shared among family members. It may even spread across multiple generations. But without clear alignment on ownership roles and responsibilities, tensions can boil over, erupting in a fiery conflict that may destroy your family business. Your family needs a set of best practices for achieving ownership alignment.
Simply put, ownership alignment is about uniting all family members who hold stakes in the business around shared expectations, goals, and responsibilities for the company’s future. It plays a vital role in:
- Preserving family harmony;
- Clarifying decision-making power;
- Ensuring business continuity; and
- Protecting your family’s legacy.
Achieving ownership alignment may seem tricky at first. But with these four best practices, your family business can build a strong foundation for long-term success and family harmony. Find the best practices in “Ownership Alignment in Family Businesses: Ensuring a Unified Vision for Success.”
Read about best practices for achieving ownership alignment here.
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