Family Meetings

Family dynamics are vital to the success of the family business. In fact, many successful organizations are trying to create family-like dynamics for their organizations because they know how important a family's common sense of vision, purpose, values and focus are to ensuring the continuity of the business. What's the secret? Part of the answer of strengthening family dynamics comes from holding regular family meetings. Family meetings can either be effective or ineffective. Effective meetings help preserve family tradition, history and values. Often, such effectiveness can be strengthened by using a family business advisor to facilitate the meeting process.

Family meetings can help build a stronger family harmony and a stronger business. They can help families plan for the future in orderly ways while resolving obstacles and barriers that may get in the way. They can become a forum for clarifying future roles for family member ownership and management while smoothing over past differences. They can become a place where decisions are made and things get done. Family meetings can avert painful and costly conflict that will impede ultimate family business value and harmony. Regular meetings can be a great way to discuss issues, make important decisions, and most importantly, foster a sense of stewardship, pride, and common focus for both current and future family initiatives.
Why do families sometime hesitate to regularly schedule meetings? There can be a number of reasons for family members to be fearful and wanting to avoid such meetings. Fears might include perceptions that the business and family affairs will not be openly discussed as well as there may be unwillingness to participate because of anticipated conflict and disagreements with other family members. Many family meetings tend to operate informally and lack meeting structure, process and/or governance for making important decisions. For all of these reasons and many more, family businesses may find it very beneficial to use a family business advisor to facilitate meetings as well as provide coaching and independent perspective to family members.

Symptoms to Look For

Services and Benefits Provided