Family Business 101: Are you Ready for Family Meetings?
At Insights, we know first-hand that communication is at the heart of every successful family business. Many families dread the thought of a formal meeting, but we greatly admire those families that take bold, decisive action to encourage healthy communication.
Family meetings are crucial. They’re inclusive. They build relationships and set expectations. They help reinforce the idea that we’re all in this together. So why do so many families fear them?
A family member’s words can be powerful. If channeled the right way, they can be a force for growth and opportunity; when used in frustration, they can be destructive. The bad news is every family has issues, but the good news is not every issue has to create a problem.
Forward-thinking family businesses share values between parents and children, and between brothers and sisters. When there is belonging and trust, family members will go the extra mile for each other and the family name.
Learn to build an effective family business meeting so you can:
- Identify and solve conflict
- Create a safe and respectful zone for everyone’s ideas and concerns
- Deal with bitterness before it festers into a bigger problem
- Set the stage for multi-generational success
These three short videos are from our free family business video catalogue. It is a great starting point to understand how others have started their family business meetings, the rules they use and the benefits for everyone.
First you need to do our 2 second free sign in, then watch the videos on the links below.
Embracing Difficult conversations as a business family-
https://businessfamilies.org/en/dashboard/?v=62100777 . A great place to start. Five techniques to use when starting family business meetings.
Family Meetings: The importance of having structured time for communication
https://businessfamilies.org/en/dashboard/?v=62247628 - “Being part of a family business we had to learn how to negotiate differences of opinion, some people would say, you know, conflict….”
Developing a code of conduct for business family members:
https://businessfamilies.org/en/dashboard/?v=90767503 –“The biggest challenge in running a family business is the family, keeping everybody happy, keeping everybody in their proper positions’