One of the surest paths to build cohesion, clarity, communication and competence in a family business system is to hold regularly scheduled Family Meetings.
Craig Aronoff and John Ward have identified ways the Family Meetings add value...
- Build a stronger family
- Build a stronger business
- Plan for future ownership of the business
- Agree on family participation in the business
- Improve the family’s financial, business, tax, estate, interpersonal literacy
- Discuss succession (leadership, ownership and management) process
- Preserve and (re)communicate family’s vision, values, tradition and history
- Professionalize the business
- Clarify and manage relationship between the family, owners and business
- ID and “clear" conflict