I am currently reading the Nine Elements of Family Business Success written by Allen Fishman, and I would like to share my learning points as I go along.
· Most successful family businesses have a common practice of requiring applicants who are family members to have worked in the outside business community for 3-5 years before getting a full-time career position with the family business.
· Outside employment experience allows the family member employee to bring back new ideas, knowledge and approaches to the family business.
· One strategy is to maintain relationships with other family-owned businesses around the country and send family members who are prospective family-member-employees to work for them.
· Outside employment experience forces the family member to prove their ability outside of the family business. It instills self-worth and confidence that they can do it on their own without being dependent on the family business. It also gives confidence to family and non-family member employees that the person is qualified. It reduces resentment and accusations of nepotism.
· By working outside the company, the family member gains perspective if they really want to join the family business without pressure. They are also able to see the benefits of working in the family business.
· Risk of requiring outside work experience: you may lose a potentially great family-member employee if he/she decides that he/she like working for another firm.
