Essay about Media Reports 5

Submitted By David J.-Rhie

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Pages: 2

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EPS 4534
Professor Allen
Media Reports #5
David Rhie

Planning the Unexpected in Family Business

Family owned businesses, when run correctly by the right family members, can be very successful. But when they’re dysfunctional, family businesses can be terrible for everyone involved – and even destroy families and their financial well being. The article I chose lay out some examples and things that can quickly get ugly with family members who feel jealousy, resentment, entitlement, greed and other emotions that can get in the way of business judgment. The article also says that when problems occur, the more family members involved, the worse things can get. Moreover, family businesses can also chase away great non-family talent if they are not sensitive to their needs. The article interestingly mentioned some few important things that are critical for those who want to plan ahead for unexpected trouble in family business in the future. Firstly, plan ahead. It’s important to have plans in place when dealing with family so everyone knows where they stand and agrees in advance to what can and can’t be done. Secondly, communicate a lot. Most families don’t do this very well or often enough. It becomes difficult to handle issues because the family members don’t know how to discuss their opinions, reach consensus and make decisions efficiently. Lastly, apply safety measures in your family business structure. It is better when they require training and implement a screening process

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