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Family meeting questions

Dear Family Business Advisor: Answers to Top Questions about Family Meetings

Getting the family together is simultaneously one of the most joyful occasions in the life of a family business and one of the most terrifying meetings a family can plan. It has long been a recommended “best practice” for all enterprising families. Our colleagues Craig Aronoff and John Ward placed holding regular family meetings among the two most important steps a family business owner can take to ensure continuity.

 
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Building a Foundation for Multigeneration Success: How Enterprising Families Become Champion Families

Champion families have a tremendous amount to teach us about how they have achieved their success across generations. By looking at aspects of your leadership, purpose, values, governance, education, communication and relationships, you can create a strategic plan with your family that fosters the development of each of these vital areas. Acting proactively and with intention can help families who are in business together truly become Champion Families.

 
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Hop on Board: Integrating New Directors with a Continuous Onboarding Process

Good boards are the foundation of good corporate governance and the sustainer of trust in a business-owning family. The foundation of good boards is thoughtful and thorough onboarding of new members, both family and independent, each time they are added. Embracing the above steps will not guarantee that a new member will be a success… but, careful attention to the way new members are brought into either an existing or new board will support their efforts to add value for all owners.

 
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Getting the Right Mix of Family Members and Independents for a High-Performance Family Business Board

A cornerstone of effective family business governance is developing strong boards of directors. One board factor that correlates with family business performance and continuity is the addition of outside independent directors. Another factor that has not received as much attention, is the importance of developing family members into strong directors, capable of complementing the independent outside directors. FBA July 2018

 
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Empathy and Expectations in Family Businesses: What We Can Learn From Twins

Twins teach us that we are all different and that it takes work to develop empathy and manage expectations. The rewards are worth it though because we can better our families, our businesses, and ultimately the world.

 
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The Family Business is Not a Life Sentence

For many of us, being a part of our family’s business is a deeply fulfilling experience. But for others, a career with the family can feel like a life sentence without parole. In my work as a family business consultant, I’ve been called in to advise in many instances in which the fit between individual and family business just wasn’t right. And while the ideal is finding a way to make it work for everyone, sometimes that’s just not possible.

 

Integrated Family Business Governance: The Important Role of Ownership

Owners who are serious about, and committed to, their roles as stewards have a fundamental responsibility to drive and oversee the governance structures and processes of the family and the business to ensure communication and education in the family system and independence and accountability in the business system.

 
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A Founder Dies

Due to the complex network of roles and relationships in a family enterprise, a founder’s death brings with it a set of unique challenges for enterprising families. In working with business families and families of wealth over the past 20 years, I have noted a few apparently repetitive dynamics that emerge in some families when their patriarchs die.

 
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Manage Change Better in Your Family Enterprise

Whether transitioning to new business, changing governance leadership, managing the aftermath of a long-anticipated liquidity event, or moving from centralized family leadership to governance that includes more voices, business families must learn to anticipate and confidently handle change. Change management principles are not new; yet there are special considerations when applying them to a business family.

 
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From Leadership to….? Planning for a meaningful future when you are no longer at the helm

Because the work we do with enterprising families is often centered around helping them focus on important planning for the future, we often see how urgent matters can make this longer-term planning difficult to prioritize. One aspect of longer-term continuity planning that is often underdeveloped is the planning leader’s need to make plans for their own personal continued sense of fulfillment and joy when they are no longer in a daily leadership role in the business.

 
 
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