It is important that everyone involved in the family business understands their role, responsibilities and legal duties too.
This insight sheds light on things that need to be considered to ensure compliance with some of the legalities and care needs to be taken to ensure that the right things are done - all too often families can lose sight of the needs of the business and let emotions spill into the working environment, risking failure to comply with what they actually legally need to do.
Food for thought....
Recent headlines encapsulate the tension between decisions made according to the family business agenda and those obligations which begin on incorporation and intensify with growth. To family firm owners this is an ever evolving scale and begs the question: at what point do the interests of external stakeholders take primacy?