TOP SEVEN NEW YEAR’S RESOLUTIONS FOR RUNNING A SUCCESSFUL FAMILY BUSINESS

Edible ArrangementsBy Kamrin Farid, COO of Edible Arrangements

1. Too many chefs spoil the broth. “In a family business, if the lines of authority are blurred and no one is the clear leader, it is dangerous from a business standpoint,” said Kamran. “Tariq Farid is both our eldest brother and the CEO. The siblings all recognize that he is the chief and act accordingly. We all have a say, but his is final.”

2. If you structure it properly, they will prosper. “We used lawyers, accountants and financial planners to help us create the proper business structures from the start,” said Kamran. “It’s imperative that each family member in the business clearly understands their title, their responsibilities, their evaluation criteria and most importantly, their compensation. If everything is spelled out in black and white, there is less possibility for conflict once the business is up and running.”

3. Close at hand, close at heart. “We believe it’s important to have ample face-to-face meetings to iron out business problems on an ongoing basis to nip potential conflicts in the bud,” said Kamran. “Our entire family lives in Hamden, Conn., so this is not difficult logistically. We spend many hours together in our conference room.”

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