Successful multi-generational family businesses recognize that family meetings are critically important to their longevity.
Family meetings create time and space for family members to discuss the family in the context of the business. In these meetings operational and management issues are not on the table. Conversations here are about issues like criteria for participation in the family business; sharing values; meeting challenges; resolving conflicts. The result: a stronger family, and thereby a stronger business.
There’s no one-size-fits-all when it comes to family meetings, but family members coming together on a regular basis ensures open lines of communication. Open communication in turn helps avoid the characteristic pitfalls that await so many family-owned businesses, threatening their survival.