Family meetings, why? Leading practice for family enterprises is to hold meetings with the family owner members on a regular basis. The foundation of a family is its shared values and history. The family meetings can be a forum to enable the family to define and communicate it’s shared values and provides a forum to discuss, challenge and reaffirm it’s values.

Congratulations for a big step forward‎. If your family is already holding family meetings, well done. You are taking positive steps to strengthen the critical family ties and thereby help the longevity of your family enterprise.

What is to be accomplished‎ by meeting? Having a forum outside of the bustle of daily work in the business, allows the meeting attendees to share their views and issues in a safe forum, where the rules of engagement include trust and respect. These meeting rules of trust and respect are critical for productive meetings and to allow constructive conversations on matters facing the family and business. An example, the current generation wish to grow the business without a fulsome conversation with the following generation. This strategy necessitates that all family members temporarily reduce their compensation (for 5 years). The next generation are concerned about the low levels of their compensation as they all have immediate lifestyle and purchase wishes. This has lead to tension in the workplace and at family gatherings. Without further discussions this matter could adversely affect the business and may scuttle the expansion plans. A family meeting is in order.

To facilitate the meetings or not‎. If the above situation is facing the family and business, could they possibly work through the issue themselves? This certainly would be challenging. Having an outside facilitator may allow family members to openly share their ideas to work towards a solution and may help to preserve the fundamental goals of trust and respect. For an effective meeting, it is important that a facilitator be unbiased and trusted by all meeting participants.

How to make the meetings more effective
– regularity. Leading practice is 3-4 family meetings each year
– define success. Meeting goals should be predetermined and defined
-hold the meetings off business premises
– chair (rotating or outside facilitator) . An agreement be reached on how to hold the meetings

Accountability and responsibility of participants
– show up
– be present
– be prepared

I hope these guidelines will help you family and business flourish and prosper.

Learn, think, apply!