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Getting Started with Family Governance

Family governance is a process or structure to educate and facilitate communication between family members. It also provides a forum for constructive discussion, problem solving and decisions about the family as it relates to the business, as well as, how the business relates to the family.

 

Understanding the Differences Among Family Governance Forums

What is a family council and how does it differ from a family assembly or a family meeting? To help answer that question, below are brief definitions adapted from The Family Council Handbook that provide distictions among the different types of meeting forums.

 
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What it Means to be an Investing Owner and Why it’s so Important

Owners have both a right and responsibility to ensure their investment performs well. If perpetuating the family business across generations is the family’s aspiration, owners need to ensure that the business will not only survive but thrive. Our experience is that families take great pride in holding productive discussions around expectations, precisely because they are difficult conversations to have.

 
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How Board Evaluations Drive the Planning Process

One of the responsibilities of the board is to ensure there is a credible plan in place to guide the future of the business. Reviewing the planning process and plan content and holding management accountable to plan goals and timelines all fall within the purview of the board. The benefits of the planning process – clear goals, defined accountabilities, alignment of resources, prioritization of efforts, and ensuring focus on critical issues – apply to the board as well as management.

 
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15 Lessons Family Councils Wish They Knew Before They Started

Whether you are just starting a Family Council or have had one for years, much can be gained by considering the lessons others have learned in making their Family Councils work. What follows are 15 guidelines Family Councils often wish they had known sooner.

 
Two Sides of the Same Coin

Shared Vision and Effective Next-Generation Leaders: Two Sides of the Same Coin

By Stephen P. Miller, Ph.D. A survey of family business owners conducted a number of years ago by John Ward, co-founder of The Family Business Consulting Group, found that lack of a shared vision for the family business and weak next-generation leadership were two of the top three threats to long-term family firm success. John’s finding was one of the inspirations for my own research on developing next-generation leadership talent in family businesses.

 

"That's Not Fair!" Creating Compensation and Employment Policies

The question of how to compensate family members in a family business seems technical at first blush. Decisions about fixed and variable pay, benefits and incentives, stock options and perks, retirement and fair market value can seem overwhelming when mixed with the emotional energy of family relationships. But when viewed from the vantage point provided by the Owner’s Mentality, compensation for family members becomes another piece of a puzzle. A colorful, energizing, maddening family ​

 

Infusing Innovation into Family Business Strategy

By Joe Schmieder Developing strategies for a family business is tough work. Executing the strategies is even tougher. So how can a family business be expected to take planning to a new level? By infusing innovation into strategy!

 

Managing Risk in the Family Enterprise: It’s More than Financial

By Michael Fassler and Wendy Sage-Hayward When it comes to managing risk, it is important to ask: How does your family dimension impact your appetite for risk? How do you manage risk tolerance differences among family members? What process do you have in place to communicate decisions that may involve greater risk in order to build alignment and understanding within key stakeholders?

 

Risk Management Conversation Starter

By Michael Fassler and Wendy Sage-Hayward This tool is a guide to start the risk management conversation with your family ownership group and executive team. Analyze the answers looking for the areas of alignment on responses and the areas where there are divergent viewpoints. Use the results to prompt further discussion around your family enterprise risk appetite and development of your risk management framework.

 
 
Results: 766 Record(s) Found.

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