The Twelve Commandments of the Family Business Owner

1. Thou shalt share thy dream with thy family.
2. Thou shalt inform thy managers and employees, “This company shall continue forever.”
3. Thou shalt develop a workable organization and make it visible on a chart.
4. Thou shalt continue to improve thy management skill and knowledge, that of thy managers and that of thy family.
5. Thou shalt institute an orthodox accounting system and make available the data therefrom to thy managers, advisors and directors.
6. Thou shalt develop a council of competent advisors.
7. Thou shalt submit thyself to the review of a board of competent outside directors.
8. Thou shalt choose thy successors.
9. Thou shalt be responsible that thy successors be well taught.
10. Thou shalt retire and install thy successors with thy powers within thy lifetime.
11. Thou canst not take it with thee -- so settle thy estate plans -- now.
12. Thou shalt apportion thy time to see that these commandments be kept.

Leon A. Danco, Ph.D.