| Clemens H. "Clem" Ast
has spent the last 28 years working closely with owners, leaders, and families of client companies to build business legacies that will last to new generations. A family business owner, mentor, and coach, Clem focuses on strategic thinking, family council development, Board of Directors improvement, and executive leadership coaching. Clem is a member of the Family Firm Institute, and the Organization for the Promotion and Advancement of Small Telecommunications Companies (OPASTCO), and other local associations. He recently received a Certification in Family Business Advising from the Family Firm Institute. Clem can be reached by email at cast@LegasusGroup.com or by phone at 316.681.0444. |
Business
2004-10-01 15:07:00
‘Family council’ meetings
ANSWER: A family council meeting should be composed of family members who are impacted by the family business. In smaller families, this may be all family members and spouses (in-laws, too). In larger families, the council might represent households or family branches. It is not a prerequisite to be working in the family business. One of the greatest assets of the council process is to include those who might otherwise feel "left out" of the family business.The family council is a wonderful place to discuss important issues facing the family in business. But remember, the focus of the council is to build a stronger family, not to take the place of business management meetings! In order to ensure effective family council meetings, we offer the following tips:• Always have an agenda to focus your time.• Establish a simple Code of Conduct that guides discussion both during and between family meetings. • Include "family fun" time - a meal, ball game, skiing, or just hanging out.• Have one person act as the coordinator. They will get input on the family members' "desired outcomes" for the meeting.• Avoid too much discussion of business matters, and stay away from management decision-making - this is not a business meeting.• Bring in other advisors to educate family members regarding buy/sell agreements, tax issues of ownership, estate planning, etc.• Use a family business consultant if there are sensitive issues that need to be discussed among family members (e.g. choosing a successor, ownership transition, personal conflicts, etc.).Try one meeting! You can always make changes.