Jim Klaus

Jim Klaus, president of family-owned catalog CDW, offers some lessons learned from operating a family business: *Separate the personal from the professional. Set up an efficient internal decision-making process, and establish an authoritative outside advisory board. *Balance entrepreneurial spirit with conservatism.

Jim Klaus, president of family-owned catalog CDW, offers some lessons learned from operating a family business: 1. Treat it like a public company. Audit all financial statements and bid out all contracts. 2. Foster open communication, thereby giving employees a sense of ownership in the company. Have open financial discussions with all employees, allot bonuses based on individual AND company success, and hold off-site season recaps.