Monday, May 23, 2011

Karen Caplan's Top 10 Keys to Success as a Family Business

Last week Karen Caplan CEO of Freida's The Specialty Produce Company was my guest on Critical Mass: The Radio Show. During the show she discussed the Top 10 Keys to their Success as a Family Business.

With Karen's permission I am publishing them here on my blog:

1). There can only be one boss.

2). Don't rely on birth order.

3). The boss does not have to be a family member.

4). Make the next generation work elsewhere.

5). Make the next generation do real work.

6). Don't let them work directly for you.

7). Coach the next generation about confidentiality.

8). Get ride of the "bag of wrenches."

9). Keep the "family"and the "business" separate.

10). Hire the best people for every position, even if it's not a family member.

I hope you find these 10 keys insightful and applicable to your business.

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