Family meetings part of good governance

by Mary Beth Matteo, Founding Director of the S. Dale High Center for Family Business

Family Meetings are one of the first steps in building strong governance. Family constitutions, mission statements, as well as succession and ownership plans, are all outgrowths of effective family meetings.
According to John L. Ward, luminary in the field of family business, there are ten reasons to hold family meetings:

l. Build a stronger family

2. Build a stronger business

3. Plan for the future ownership of the business

4. Plan family participation in the business

5. Help children manage inherited wealth

6. Open up the succession process

7. Preserve family values, traditions and history

8. Professionalize the business

9. Manage relations between family and board of directors

10. Recognize and resolve conflict

Look for more information next week: key questions to ask in a family meeting and whether or not you should use an outside facilitator.