Treat Family Members Fairly - Ben Grossman - PowerPoint PPT Presentation

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Treat Family Members Fairly - Ben Grossman


While some specialists advise against using family members at all, such sacrifices one of the big benefits of a family business. Many small companies would nevermore have remained without the hard work and service of dedicated family members. – PowerPoint PPT presentation

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Title: Treat Family Members Fairly - Ben Grossman

5 Tips For Family Business - Ben Grossman
One of the keys to our century of success has
been our recognition of the fact that healthy,
fulfilling lives are based on three critical
elements family, career, and community. Max
Grossman, our founder, and great-grandfather was
an immigrant who, despite leaving school after
the sixth grade to support his family, had three
goals in life to own his own business, educate
his children, and give something back to the
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1. To avoid family conflict, the alignment of
owners interests is critical
The key question to ask is what is each persons
agenda. One of the reasons that we work so well
together as co-presidents is that our interests
and willingness to work hard are the same. There
is no sibling rivalry individual success is
shared success.
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2. There is a critical need for mutually
respectful family relationships
We need to be able to make easy transitions from
the boardroom to the dinner table. Ben Grossman
grandfather and father used to tell us
cautionary tales about business issues and turf
wars ripping apart a family. When issues arise
between family members, the parties should take a
patient's pause and try to gain perspective. If
this doesnt work, bringing in a third-party
resource tends to work well. Luckily, we have
never had to take these steps, but we know other
family business operators who have done this
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3. Welcome to innovative and creative ideas.
We want people, regardless of whether they are a
member of the family, to be willing to speak
their mind and share their ideas, even if they
disagree with us.
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4. Communicate to non-family employees
We believe that our non-family colleagues are at
the core of our ability to maintain our
competitive advantage in an increasingly complex
business environment. That is why we have
consistently invested in their health and
well-being by offering a unique package of
benefits including paid family leave for all
employees, flexible work hours, and
interest-free loans for first-time homebuyers,
which are forgiven once the employee remains
with the firm for at least five subsequent years.
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5. Never, ever, ever take anything for granted
The willingness to adapt to ever-changing
business environments and conditions and the
ability to resist the urge to become complacent
after years of success is critical. Regardless of
how successful you are or your family has been
over the years, you need to recognize that
markets can change, and that you must always
remain responsive to customer needs.
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