Policies and Procedures

Policies and procedures offer a path to success, provide accountability, and define measurement for businesses of all sizes. One common trait that most family businesses share is an ancestral time in their histories when policies came from Pop, and Mom ruled the procedures. Times change . . .

What are best practices for the development and application of policies and procedures? When does a business migrate from a small group of family members into an era bounded by rules and regulations, tax and employment issues, cross-border buying and selling, management of finances and cash flow, all the myriad components of a successful family business? Who develops policies and procedures for a family business, and who has a say in implementation and enforcement? What happens when policies and procedures are circumvented or ignored? When does a family business finally need a legal department or general counsel?