10 Signs You Might Need a Family Meeting

Family Meetings improve family communication and help to get everyone on the same page. These meetings aren’t just for resolving conflict and sensitive family issues. They are also an effective method for discussing the strategic direction and vision of the business from the family’s perspective before sharing it with others within the company.

10 Signs You Might Need a Family Meeting

  1. Avoiding sensitive family issues hoping they will go away
  2. Personal issues are creeping into the business
  3. Seldom discuss the future direction of the business
  4. Avoiding succession planning and ownership transition discussions
  5. Struggling with the division of responsibility between family members
  6. Need a policy for family employment beyond current members
  7. Dealing with the need of hiring non-family managers for the first time
  8. Struggling with compensation plans for family members
  9. Torn between being a lifestyle or professional business
  10. Disagreement on growth rate and need for outside financing

If you have some of these issues in your family business, don’t worry, you’re not alone. Research shows that 90% of family businesses don’t hold family meetings. Why not be a part of the 10% Club who do.

 

 

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Trusting Others Outside of the Inner Family Circle

As family business owners, we are a trustworthy group. We tend to be easy-going and get along well with others.  Generally we are more sensitive to employees concerns, even treating them as extensions of our own family.

However, this trusting culture, can also leave us vulnerable to outside non-family executives who might take advantage of our unique corporate culture.  If we aren’t careful, we may find our business being taken advantage of by individuals who seek out closely-held businesses where they can gain undue power and influence.

We’ll Never Do That Again, But We Did

Our first experiences bringing in outside non-family executives were horror stories. These hiring mistakes happened to us, embarrassingly, not once, but twice.  The first instance was More…