Best-selling author and executive coach David Irvine continues his discussion of the challenges of running a family business and how to overcome them. In part two Irvine focuses on the importance of accountability and strong character.
Accountability is key - expectations for everyone need to be mapped out as well as how people can support each other to meet these expectations.
Too often people look at accountability when there is a problem. Negotiate expectations early on so there are no surprises.
Strong character allows you to do three things consistently - say what you're going to do, follow through and stand for strong principles.
Replace entitlement with responsibility - people in a family business must earn their right of ownership and every right has to be accompanied with a responsibility or obligation to meet.