10 Reasons to Hold Family Meetings

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...

  1. Build a stronger family
  2. Build a stronger business
  3. Plan for future ownership of the business
  4. Agree on family participation in the business
  5. Improve the family’s financial, business, tax, estate, interpersonal literacy
  6. Discuss succession (leadership, ownership and management) process
  7. Preserve and (re)communicate family’s vision, values, tradition and history
  8. Professionalize the business
  9. Clarify and manage relationship between the family, owners and business 
  10. ID and “clear" conflict

Formula for Overcoming Resistance to Change

D x V x P > R = C

C = The change the you desire or need | What do you want to change? Name the situation.

D = Desire, need and/or demand for change; Dissatisfaction with status quo | What do you need? Why?

V = Vision for the change | What do you desire? What could the future state(s) look like?

P = Plan and process for achieving the change | What triggers, routines or incentives could you change to help you achieve your vision? 

R = Resistance to change | Where is the resistance? What needs are you meeting by your current behaviors, reactions or responses to those triggers?

Special thanks to Ginger Lapid-Bogda for this great rubric.