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How to maintain peace in a family-run biz

If you think running a business is difficult, running it with family members is more difficult than you can imagine
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Managing a family-run business can be fraught with conflict and tension, given how personal issues and business matters will inevitably mix. The Co family, the family behind the CW Group and Home Depot, shares with Entrepreneur Philippines’ some ways to sidestep some common problems that may arise in a family-run business. [Learn how to keep harmony among members of a family business here]
 
1. Don’t play favorites.
“As much as possible, try to professionalize everything,” recommends Ferdinand Co, managing director of The Home Depot, even if, he warns, “it causes a lot of irritants.” He ought to know: The Home Depot is a partnership between two family-run enterprises: Cebu Oversea Hardware and West Point Industrial Sales. Each organization, Co says, has its own structure and system. But when it comes to The Home Depot, both companies are focused not on their individual interests but on the interests of their joint venture.

“Everyone has to really follow the vision of Home Depot; hindi ‘yung, since I’m a stockholder, I should be favored over the rest. Of course, that is possible if what you’re offering is to the benefit of Home Depot. But if it’s to the detriment of Home Depot, then we have to ask them to maybe adjust their offer or set aside those things. Parang pamilya ‘yan. You have to get the unanimous decision for everything,” he explains.

Page 2: Two more tips on maintaining peace in a family business


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