Today, business owners who keep it in the family and hire other relatives, were invited to attend a workshop organized by BELTRAIDE, the Inter-American Investment Corporation, and FINPYME.
They were there to take discuss issues the secrets to success for the families, communications and conflict management, family governance, family meetings, councils, company constitution, ethics, and a host of other issues that business owners face on a daily business in this type of commercial module.

We stopped by and spoke with the organizers and asked about the hypothetical about what to do when a family member in the company believes that he or she can be negligent or non-performing, and still be protected from termination simply because of relation to the bosses. Here’s what they told us:

Shahera McCoy – Manager, Export Belize Beltraide
“We have partnered with the IIC on several of FINPYME activities. As you may recall, last year we did FINPYME export plus where several companies benefited. We are doing FINPYME Family business today because of just the nature of a lot of the Businesses in Belize. A lot of them are Family owned and sometimes it’s a bit challenging to be in business with the family and separating that whole family dynamic from the business dynamic. And so today, what we are doing is introducing concepts that have been used by family businesses elsewhere to have them better manage their business better as a family. To put protocols in place so that there is not all these challenges that their currently facing. One of the other things that we recognize at times is succession planning, who takes over after the first generation is ready to move on or retire. So all these things are the kind of information that will be shared today through FINPYME family business. As a follow up, there is also an opportunity for additional technical assistance for some of the companies for the FINPYME team to work with them on specific challenges that they may be facing as a family owned business.”

Daniel Ortiz
“It can sometimes turn into a welfare program where one member slacks behind and the other members have to pick up the rest of the weight. How does one manage that aspect that each family member must contribute equally for the benefit of the whole?”

Shahera McCoy – Manager, Export Belize Beltraide
“Well, some of those issues were already raised in the session this morning because as the facilitator, who has a lot of experience has mentioned, sometimes people view family business as having nepotism in there. And so one of the key concept that was shared, is to actually separate roles, to understand the roles of every family member and to have roles that don’t cause conflict of interest. And so what was shared this morning is that, when we are looking at ownership, directorship and management of the company, you have to really do the separation and ensure that everybody understands their role even though they are a family member.”

The workshop was an all-day session.