Having an employee handbook AND Family Guidebook
covers your workforce and familyforce™ management policies!
As a part of traditional onboarding procedures, employees receive an employee handbook or manual to read, sign and date. This handbook typically contains information about company policies and procedures. It is presented to employees once they are hired.
In a family-owned business, a Family Guidebook or Family Constitution is developed to prepare for the potential hire of family members into a business. It also clarifies compensation and performance expectations while working in the business and addresses potential exit from the business. Essentially, the Family Guidebook creates the framework around all family rules for the business.
Having a written Family Guidebook provides clarity around difficult questions such as:
- Who is considered a family member?
- What are the prerequisites for entering the business?
- Are family members required to have a college degree to work in the business?
- Are family members eligible for internships or summer employment and at what age?
- Who is eligible to receive company stock?
- How will decisions be made for choosing roles between family members?
- Is it required to have a family member report to a non-family member?
A Family Guidebook is typically created in collaboration among the current family leaders working in the business. It is also recommended that you consult outside advisors when developing any legal documents such as pre-nuptial agreements or wills.
Having clearly written policies and procedures that specifically address how one prepares to enter a family businesses, work in a family business, and exit the family business (terminated, voluntary or through planned transition) provides the best mechanism for family capital management.
Fill out the form below for more information about creating your Family Guidebook and to request a sample Family Guidebook.