William O'Hara's Basic Principles
of Successful Family Businesses
- Having accountability with a great deal of trust, shared values, and
keeping your word
- Involving women
- Passion and commitment
- Priority on the business; not the family putting the family first
- Shrewd, effective conflict management
- Establishing strategic plans, such as an estate plan and a succession
plan.
- Establishing a system of governance having regular meetings, board of
advisors, obtaining outside professional counsel, and representation for all
family members