I was delighted this month to be invited to run a session on how to make the most of the ‘family factor’ in building the successful family firms of tomorrow.
I led an interactive session where we discussed best practice in designing governance for both the family and the business, which, if done right, can help solve tomorrow’s predictable problems today.
Some of the learning from the session included:
- Prevention is better than cure
- Learn from the experiences and examples of other families
- Creating ways for the family to connect is key
- Be as inclusive as possible in the process and in the governance
- Recognise and accept that ‘conflicts’ will happen and set up clear processes for dealing with them
- Create clarity so that everyone knows where they stand, what they can expect and what their responsibilities are
Ultimately there is no one –size-fits-all solution when it comes to family business governance, and a successful design and implementation process requires family openness and commitment.