SUGGESTED SOLUTIONS TO OVERCOME CHALLENGES ASSOCIATED WITH FAMILY BUSINESSES

 1. Persuading members of the family and showing the rationale for hiring a professional manager from outside the family circle.

2. Spelling out concisely and clearly the specific roles and functions that are to be performed by every member of the family in terms of specific lines of authority and responsibilities.

3. Advising and convincing the family members to register the enterprise and have it operate as a company with a legal identity rather than physical human identity.

4. Ensuring informal counseling and guidance services to the members of the family enterprise who seem to behave ‘stubbornly’ contrary to the agreed guidelines set by the family members.

5. Inviting experts in the field of management, law, finance or technical incase there are controversial issues so as to help clarify issues and assure members of the family enterprise that the issue was healthy or unhealthy for the enterprise.

6. Ensuring that remunerative packages are tied to the types and amount of work individuals perform while at the same time keeping pace with those of similar enterprises within the locality.

7. Keeping track of exchanging information with other firms on various issues like marketing, sources of raw materials, expansion plans, e.t.c.

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