Good management is necessary for the success of any business, and the family firm is no exception. Significant deviations for family reasons from what might be called good management practices, therefore, only serve to weaken the firm. Such a course of action runs counter to the interests of both the firm and the family.
A number of "best practices" have been proposed by John L. Ward, a noted sPecialist in family business and a distinguished proft.b,os. at Loyola University Chicago.12 Some of these practices are as follows: