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Succession Pitfalls
November 26, 2007
My child is interested in coming into my business, but I do not have an available position. What should I do?
Many parents quickly assimilate their child into their business by creating a position such as Executive Manager of Special Projects (basically a gopher for mom/dad). Rarely do these parents stop and think about the potential collateral damage that often occurs from questions such as: how will my child be perceived by my managers and employees? What message am I sending to the rest of the organization? How will I hold my child accountable? Will he/she be able to earn the respect of the people they may someday lead? And the list goes on.
Parents who fall victim to the above example fear that if they do not hire their child, their relationship will suffer. This could happen, particularly with young, immature children. However, as leaders of your family and your business it is incumbent upon you to anticipate the possible ramifications involved in hiring a family member in your business.
Here is a brief list of things to consider:
- Develop a Family Member Employment Policy that communicates your expectations of hiring immediate family, but also the family members of your employees who refer family members to your business.
- Hire family members if there is an available position and they are the most qualified candidate.
- Develop clear expectations regarding job description and performance accountability. This helps remove the subjectivity parents often exhibit as a result of unconditional love.
- Compensate based upon the position being filled, not based upon who an individual is (i.e. a family member).
- Do not allow family members to report to other family members.
Posted by Dave Ciambella on November 26, 2007 | Comments (0)
