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By Wood N.

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Sample text

According to a research survey by Laird Norton Tyee, which is the oldest and largest privately held wealth management company in the Pacific Northwest, most family-owned businesses lack any qualification requirements for family members to become employees. Family-owned businesses tend to gear hiring/firing philosophy to the best interest of the family as viewed by the FBL rather than the best interest of the business. Even new-hire application processes tend to be different for family businesses.

In order to find compatibility, the Company Vision State­ment has to be shared with the FMEs. Many times, FBLs will delay sharing the Company Vision Statement with the FMEs so long that when they do eventually share it with them, the fireworks start. ” In a family business, unlike other businesses, there is a need to at least consider the views held by FMEs regarding the long-term future of the business. 22 n i n e E L E M E N T S OF FA M I LY B U S I N E S S S U C C E S S When I first created TAB, an important part of my Personal Vision Statement was that TAB would become the largest franchise system in the world that provided peer board and coaching services.

Sometimes this discussion brings about significant changes to someone’s Personal Vision Statement. Remaining ignorant of or ignoring these conflicts will only open the gates to bigger problems down the road. Now that you understand the importance of creating and sharing written Personal Vision Statements and the importance of creating a minimum level of compatibility between these dreams, you are ready for the second element in the formula, which is developing a policy for hiring and firing FMEs.

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