Does your company have a family business forum?
Even before I became involved in the operation of my family's business, I wanted to know what was happening in the organization, both at the strategic and operational levels.
But how do we create a framework that allows co-owning family members who are not necessarily employees or board members to follow and contribute to the management of the company?
The keyword is FAMILY BUSINESS FORUM.
We should establish a formal forum tailored to the needs of co-owning family members for involvement. And we should have binding guidelines that answer the following:
What are the criteria for participating in the forum?
- How often should members meet – and in what forms?
- What topics should be discussed, based on what criteria and at what level (strategic and/or operational)?
- How can we ensure that the forum supports the work of the board rather than taking over or undermining it?
- How is the board obliged to respond to input from the forum?
- Who is the contact person for the chair of the board or another contact person on the board?
Could your family business benefit from a family business forum?
Please contact me if you would like to learn more about how you can work with co-determination.
(Note: This post is best read in conjunction with my post on business and family gatherings.)
