A family retreat could pave the way for creation of a family council, in which family members meet to discuss values, policies, and direction for the future. A family
council functions as the organizational and strategic planning arm of a family. It
provides a forum for the ongoing process of listening to the ideas of all members
and discovering what they believe in and want from the business. A family council
formalizes the participation of the family in the business to a greater extent than
does the family retreat. It can also be a focal point for planning the future of individual family members, the family as a whole, and the business, as well as how each
relates to the other
A council should be a formal organization that holds regular meetings, keeps minutes, and makes suggestions to the firm's board of directors. Experts recommend that it be open to all interested family members and spouses of all generations. During the first several meetings, an acceptable mission statement is usually generated, as well as a family creed.
Family businesses that have such councils find them useful for developing family harmony. The meetings are often fun and informative and may include speakers
who discuss items of interest. Tune is often set aside for sharing achievements, milestones, and family history. The younger generation is encouraged to participate because much of the process is designed to increase their understanding of family
traditions and business interests and to prepare them for working effectively in the
business.
As with family retreats, an outside facilitator may be useful in getting a council organized and helping with initial meetings. Subsequently, the organization and leadership of meetings can rotate among family members.
A family retreat could pave the way for creation of a family council, in which family members meet to discuss values, policies, and direction for the future. A family
council functions as the organizational and strategic planning arm of a family. It
provides a forum for the ongoing process of listening to the ideas of all members
and discovering what they believe in and want from the business. A family council
formalizes the participation of the family in the business to a greater extent than
does the family retreat. It can also be a focal point for planning the future of individual family members, the family as a whole, and the business, as well as how each
relates to the other
A council should be a formal organization that holds regular meetings, keeps minutes, and makes suggestions to the firm's board of directors. Experts recommend that it be open to all interested family members and spouses of all generations. During the first several meetings, an acceptable mission statement is usually generated, as well as a family creed.
Family businesses that have such councils find them useful for developing family harmony. The meetings are often fun and informative and may include speakers
who discuss items of interest. Tune is often set aside for sharing achievements, milestones, and family history. The younger generation is encouraged to participate because much of the process is designed to increase their understanding of family
traditions and business interests and to prepare them for working effectively in the
business.
As with family retreats, an outside facilitator may be useful in getting a council organized and helping with initial meetings. Subsequently, the organization and leadership of meetings can rotate among family members.
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