What are some general words of wisdom for families in business?
• Authority in family businesses is not necessarily based on ownership or formal management responsibilities. • The real issues about this need to be discussed. • Technical solutions and contractual agreements will not control serious family dynamics. • Family issues need to be addressed directly. • Influence is based on maneuvering room and access. • People are drawn to clarity and a calm leadership. • You will almost always hurt your business if you use it to control a serious family problem. What is a “Family Council”? It is a formally defined group of adult and older teenage family members who meet regularly to deliberate, make agreements, share understandings, and make plans and develop the next generation for the ongoing stewardship of family assets. What are the tasks of the Family Council?
