Here are three things to keep in mind when creating a family council:
- Start with a family meeting to really look at the family’s vision, its values and needs. Why are these important to you, and your family? How will you manage disagreement as a family on business issues?
- Set out very clear objectives and guidelines for each meeting. A facilitator can also help challenge the family to make sure they are adhering to identified values and goals. It is a best practice to have facilitation, for that non-biased support. The goal is to equip the family council with tools and skills and structures to ‘self manage’ effectively
- Keep in mind it’s a long-term process. A good family council doesn’t happen instantly. This is something that needs to evolve and develop over time, and it will grow and evolve as the family and business does.
Read the complete article featuring Sharon Duguid, director, Centre for Family Business and Entrepreneurs at PwC.