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It is important that the successors have an eye for the ambitions and aspirations of non-family members who are active in the family business. These include firstly the non-family managers.
Prof. Johan Lambrecht and Katrien Baetens sum up a number of precepts which must be taken into account by the family members with regard to outside managers.
- Firstly, the non-family members want to receive responsibilities and opportunities which correspond to their abilities. In this connection, it will sometimes be necessary to limit the number of active family members.
- Respect and recognition is the fuel of a good relationship with non-family members.
- There must be honest communication with outside managers about the future.
- The outside managers must be involved in strategy-development.
- Communication and information are cornerstones in dealing with outside managers.
Listening to them is extremely important.
- Finally, the family must put its trust in the outside managers
Jozef LIEVENS is a lawyer and partner in the Eubelius law firm. He is managing director of the Institute for Family Business and FBNet Belgium. He teaches a family business course at the European University College Brussels (EHSAL). He is a Fellow of the American Family Firm Institute. His website is: www.familiebedrijf.be |
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