Julio M. Herrera Velutini has worked for more than two decades building an accomplished career as a banking professional in the Venezuelan and Puerto Rican financial sectors. Hailing from a line of bankers that extends back 120 years, Julio Herrera Velutini continues the success of relatives who worked in their family business.
Every business venture comes with its own share of challenges, but none so much as the family business. Working with family can be difficult, particularly when you are striving to lead your business to success. Thankfully, there is much that you can do to make the process of running a family business much easier for everyone involved.
While it may seem fair to involve each family member in important business operations, you must create a distinct hierarchy of employees with a leader at the helm. When assigning these roles, you must also determine who will participate in important business decisions to ensure that you do not have too many family members attempting to lead. Make sure that everyone adheres to these roles by creating a policy that clearly describes the responsibilities of each employee.
As soon as you are able, you should also develop a plan for when it is time for your business’ leader to step down. You should start this process by determining which family members intend to stay with the business long-term and which ones would be willing to join in the future. With this information, you will need to develop a firm plan that details who will take over leadership and when. This process is key to solidifying the future of the business.