Aligning the Family Around a Shared Vision for Success
Successful family enterprises see enhanced results in both business performance and family relationships when they master the following:
Group decision making processes,
Clear understanding of roles and responsibilities,
Proactive management of individual expectations, including around growth, risk, liquidity and profitability, and
Strong communication among shareholders.
These skills allow a family business to engage more in pursuing business strategy and worry less about the implications of those decisions on the family unit or individual members. Laying this foundation frees leadership to focus on the things that will most generate success, and provides a benchmark for accountability to ensure that the family's vision is also being achieved.
Organizing and aligning the family should be a primary focus for enterprising families, regardless of the stage of the company or number of family members. Alignment is achieved through a combination of family education and structures such as family councils, family meetings, and family constitutions.
How do we bring the family into alignment?
The process begins by understanding the various aspects of the family and the business, including family dynamics and history, vision, mission, and culture as well as the structures of ownership and governance that interact with these systems. From there, we start to determine where the biggest opportunities are to establish agreement on key issues around the business, as well as what areas of education will most equip shareholders to be effective stewards of the family's legacy.
To learn more about how organizing and educating the family can support family enterprise success, contact us.