Julio M. Herrera Velutini is an experienced banking professional who has worked in the Venezuelan and Puerto Rican markets for over two decades. Moreover, Julio Herrera Velutini’s family has been in the banking industry for several generations. Businesses involving families can be effective and efficient operations, but they can also present opportunities for conflicts. However, by implementing a few guidelines, family businesses can still run smoothly. Family businesses benefit from having a formal structure such as a board, council, or forum to discuss business matters. This governance system helps to separate the management functions of the business from business ownership. Time spent working on the family business and resolving business-related problems should be clearly defined and set apart from time spent interacting as a family unit. To reduce conflict in the family business, leaders should encourage each family member to express their concerns in a constructive manner while respecting each member's right to disagree. Just as they would treat employees or peers in a non-family business, leaders should strive to take points of view seriously and listen to each team member without passing judgment.
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AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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