Lessons From A Life In Family Business

Date: 01/12/2010

If you're handing over the business to your family, make sure you get the structures right

As a young man, David Haymes bought back the business his father had started before he died, determined to put it back on its feet. He did that and turned Haymes Paint into a success story. But it was only when his own children had grown up that he realised it was time to think about the future. After discussion, they decided they'd join the business and, with expert help from Family Business Australia, the family drew up the structures they would live and work by.David, now retired from active duty but still happily "floating around the edges" as chairman of the board, says all the hard work has paid off.Everyone knows their role, and there are forums in place - as well as a family constitution - to keep the lines of communication open.