Danny Klinefelter, agricultural economist at Texas A&M University, identifies these six qualities of successful family-owned or closely-held businesses:
1. Shared vision, values and goals and a well-formed strategic plan.
2. Clear procedures and expectations regarding employment of family members in the business.
3. Participation by outside advisors, board members and managers.
4. Guidelines and a plan for management succession and business continuity.
5. Open communication and methods for resolving conflicts.
6. Ability to spend time and have fun outside of the business.
Six traits of successful businesses
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