Family businesses offer special joys and special challenges. Understandably, families can take great pride in the business they build, in the first generation and as the business passes on to later generations. It is only natural that honoring both the business and the family can be challenging. Though succession planning is essential, it can be difficult to do. Talking about the plan with those affected by it may be the hardest part.
The importance of governance in family businesses is gaining more attention. It serves as a framework for decision-making, a procedure for adopting and implementing policies that are considered and made known in advance of their application. If a family adopts and follows thoughtful policies, potential conflict can be avoided.
In recent years, “family enterprise” has been heard more frequently. The term family enterprise reflects, in part, the idea that growing families may benefit as family members start or purchase businesses beyond the original family firm.
In a facilitated family meeting, family business mediation, or consultation, conversations and communications are guided by a family business mediator, an experienced, educated, neutral third party, who helps families and their business to thrive.
Find out how facilitated meetings can help you: 203.887.1160.