Starting a Family BusinessNot sure where to start when creating your family business policy? Here are the basic essentials included in most.

If you're writing a family business policy, include:

• A mission statement
• A policy on how important decisions are made
• A method for handling disputes
• A determination describing how and when children or otherfamily members can enter the business
• A method for family member performance evaluations
• A mechanism and process for selecting a successor
• A way of ensuring adequate communication among family members(even those not in the business)
• A policy on compensation for family members working in thebusiness
• A shareholders' agreement
• The role of nonfamily senior managers
• The rights and responsibilities of shareholders, directors andfamily managers