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Business Mentor: How to resolve issues in a family business

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Did you know that many of the biggest companies here in the Philippines are family-owned? Some of the Philippines’ biggest companies had humble beginnings as family firms before eventually becoming hu

ge brands.

The company head must ensure that everyone in the family is on board with the vision, because leaving some members in the dark may lead to squabbling. While each family member may have a say on certain decisions for the company, it is highly recommended that the role of each family member should be spelled out clearly to avoid confusion.Each family member should take charge of a specific department so that they know everything happening in the business. A monthly meeting is advisable. Allow each one to give their suggestions and then discuss the pros and cons until you reach the right strategy or solution.

 

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