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What Do You Talk About In A Family Meeting?
October 30, 2007
Regular family meetings have a high correlation with family business longevity. That’s because family meetings allow you to achieve a better balance between the opposing environments of family and business.
It is natural to wonder what kind of things the family is supposed to talk about. Well, the agenda items are limitless and family meetings usually differ based on the age, size, and ownership status of the business. If you’re new to family meetings, here are some good ideas for starters.
- What is the history of the family business? This story should be told over and over again – it is the foundation of the legacy.
- What is the family’s guiding values and how do these values guide decision making, support and perpetuate your business’ culture and strategy?
- How can we make sure these values are passed on to future generations? Trust me, next generation family members don’t pick these up by default.
- How can we improve family communication?
- What is the stewardship responsibility the family has to the employees, vendors, community, manufacturers, etc.?
- What role is the business playing in the community?
- What is the estate plan in a general sense? You can get more specific with this as your children mature.
- What are the annual corporate financial results and goals for the next year? Again, getting more specific over time.
- What kinds of policies does the family need to develop?
When holding family meetings, you should schedule them offsite from the business and always include a fun family activity. Many families have found a way to incorporate family vacations with family meetings.
Obviously, the topics and format of family meetings morph over time due to the changing nature of the family. The earlier you begin having family meetings the better. The balance between the family and business environments can be substantially enhanced through family meetings. “An ounce of prevention is worth a pound of cure.”
Posted by Jeff Faulkner on October 30, 2007 | Comments (0)
