Question

management practices of a family business?

Answer 1

i dont know this answer

Answer 2

Many businesses are family owned having been handed down generations. Most of the established family businesses are third generation companies.

For most companies, the aim of establishing a purely owned family business is to keep wealth within the family, establish a legacy or guard family secrets such as in the case of traditional recipes and arts.

Whatever the reason, a family business faces unique challenges that require sound management policies.

One of the issues that family-owned businesses face is the one of separation of ownership from administration of the company.

The most common model is the owners being the same ones participating in the day-to-day affairs of the company. If not careful, this model can be a set up for disaster. It’s better to separate ownership of the business from administration.