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What's Your Family Business I.Q.?
Self-Assessment for Family Businesses & Entrepreneurial Couples
Are any of the following true of your family business?
(Give yourself a point for every "Yes" answer)
Family business spills over into every family get-together, and you cannot ever “just be a family” because the business is the main thing you talk about when you are together.
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You cannot remember why you ever decided to go into business together your spouse.
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There are no clear standards for entering and exiting the family business.
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People are chosen for leadership roles primarily because they are family, not primarily because they have the appropriate knowledge, experience, and motivation.
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The family business has become the “family welfare system.”
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Unfinished family conflict comes to work, and unfinished work conflict comes home.
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There are different standards for performance between family and non-family employees in your business. Either business communication is not timely, attendance is sub-par, or work does not meet quality standards, but those problems are tolerated from some employees because of family ties.
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The founder has no plans to retire from the business or has retired but continues to control important aspects of the business.
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Succeeding generations are not being trained to assume leadership or are not given the freedom to lead.
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Succession plans in the family business are not in place and/or are not clearly understood by all stakeholders.
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SCORING:
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1-3 Schedule a “heart-to-heart” conversation with your family business members before it gets worse.
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4-6 Seek consultation, and soon!
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7-10 Your family business needs major changes if it is going to survive, and you cannot do that by yourself.