About Being Connected ‘Get’ FOEs
Family Owned Enterprises (FOE’s) can be as unique as the families that own and run them. According to a recent Ernst & Young report family businesses account for nearly two-thirds of all companies in North America. But running a FOE can be a tricky process. Only one-third of these businesses survive into the second generation. This is a real shame considering all the hard work and effort that goes into building an FOE in the first place.
Family businesses that do survive tend to be the ones that commit to more than just profitability. This commitment may include focusing on creating long-term relationships with their customers and suppliers without having to answer to shareholder’s short term demands. Cohesive FOE’s also have a sense of solidarity that only comes from family-ties.
Dan helps Family-Owned Enterprises strengthen rapport and create harmony in their relationships not only at work but within the family. In our Family Council Meetings (FCM) we specialize in creating dynamic dialogues by asking the right questions to align values and goals.
What is a Family Council Meeting (FCM)?
A FCM is a structured and dynamic meeting process. Family members, both active and not active in the business, come together to develop a greater understanding of self, each other and necessary to bridge their differences and their similarities. It is a time to align the family’s relationship to the business, their values, career objectives, and financial goals.
Family businesses go through various stages of development over time. And one of the biggest stumbling blocks that they face is separating business transactions from personal relationships. Often there is no one within the family that has the much needed facilitation skills that can create an engaged environment to adequately deal with the relational and emotional issues within the family.
Structured meetings that are sensitive to family dynamics allow the necessary expression of emotion while ensuring the conversations are constructive and focused. Maintaining a structured and confidential, open dialogue allows for a safe space to discuss family secrets and taboo topics. This process works to constructively manage conflict and nurture teamwork.
What Are the Objectives of a Family Council Meeting (FCM)?
- To establish organized, confidential, open dialogue
- To create a family mission statement
- To agree on clear boundaries around business and family
- To find out each family member’s relationship to the business
- To clearly define each person’s needs, value, and vision
- To open lines of communication of information
- To resolve any outstanding conflicts and find new ways to co-operate
- To make a plan for the future of the family and the business
- To review the business’s progress – an appreciative enquiry
A Family Council Meeting {FCM} Will Help To
- Build a stronger business
- Create a cohesive family unit
- Implement succession planning
- Resolve old conflicts
- Agree on and hold onto family values
- Build relations between the family and board of directors
- Help successors manage inherited wealth
We’re here to help FOEs reach the organizational excellence they deserve. Reach out to Dan to arrange a time for an informal chat about your business. Call us at 1 866 588 9264 to-day.
