Essay On Family Owned Business
Family owned business is a definition to describe a company that is owned by a certain family and the ownership and management of this company handed down from generation to another within the same family. Regularly the founder of these companies is the Head of the business, while other family members usually fill the high level positions and the rest of jobs may be filled by non family members. Business may face some problems due to the possibility of conflict between family members perspectives. In order to sustain this type of business, founder must prepare next generation to take over the family business, this can be done by encouraging them to complete their studies, work as part time employee in the business different departments to …show more content…
Family members compensation should be based on their actual job performance, not the family relation. Compensation can be through salary, stocks, pension, insurance and profit percentage sharing.
Qualifications and guidance for family member who hoping to participate in business
In the case of Our Town America Plummer Sr. didn’t have a clear policy to deal with hiring friends or family members that doesn’t have the necessary skills or talents to add something to the business.
As a result of Plummer actions in hiring and compensating employees, the business
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Q3)
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