The family business

An article in the Harvard Business Review describes how family businesses can make better decisions. The idea suggested is that the business should be considered like a family home, with different rooms for different purposes. The business should therefore have rooms for -
- the owner room
- the board room
- the management room, and
- the family room.
"  Discrete decisions are made in each room: management directs operations; the board monitors the performance of the business and hires/fires the CEO; owners set the high-level ownership goals for the business and elect the board; and families build unity and develop family talent – to name just a few of the most basic decisions made in each room."

No two family farm businesses are the same, but this idea may help deal with the inevitable conflicts between business and family interests.
The full article can be accessed by signing up for the Harvard Business Review, with a free subscription.