|
There are a number of different tools available to families in business
together for improving communication and decision-making. These
include:
- Family boards - Family boards vary considerably
in their nature, and should take into account factors such as
the type of business the family operates, the geographic spread
of the family members, and the goals of the board. These boards
can communicate and update family members about the goals of the
firm, its immediate and future business success; it is also an
opportunity for family members to communicate their wishes for
the firm.
- Retreats - A retreat is an effective way to activate
a family board. It is also a valuable way to address a difficult
issue facing the family and/or firm. This may require outside
speakers or experts brought in to explain complex issues.
- Regularly scheduled extended-family meetings - Where
geography permits, some family firms have routine extended family
meetings, varying from monthly to biannually.
Each family is unique and family governance should be tailored
to the each particular family's unique needs. There are numerous
ways to structure these family governance structures to maximize
their effectiveness. However, Robert's Rules of Order tends
to be an ineffective and unproductive way to conduct
family meetings.
|