3 Mistakes You Don’t Want to Make in Family Governance
Whether we like it or not, families are comprised of emotional beings all connected in a system. Ups and downs or disruption in the system will often affect several family members – sometimes temporarily, others permanently – delaying the decision-making process. Lack of trust, differences in opinions, and difficulties in honoring parents’ wishes are just a few examples that demonstrate the need for a collaborative structure.
The process of creating a collaborative decision-making structure to serve performance and transparency is often referred as “family governance.” Realizing that families are unique systems, each structure is personalized. However, most share three essential building blocks:
1) shared values and mission;
2) separate structures for family and business;
3) actionable plans
Families around the world laugh, cry, hug, fight and love each other. Just like any system, emotions are cyclical. Family governance empowers members to have the human and financial capacity to grow and evolve together if they choose.
What will the audience take away from this workshop?
• Identify family shared values to begin creating a family mission statement.
• Start separating the business from family matters.
• Design an action plan with divided responsibilities, participation and clear objectives.