INSEAD Library

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Family Meeting: How to Build a Stronger Family and a Stronger Business Table of Contents Introduction .......................................................................................... 1 The Value of Family Meetings.............................................................2 Unfounded Fears ..................................................................................3 Part I: Ten Benefits of Effective Family Meetings ........................... 9 1. Building a Stronger Family .......................................................... 9 2. Building a Stronger Business ..................................................... 14 3. Planning for Future Ownership................................................... 14 4. Planning Family Participation .................................................... 15 5. Managing Inherited Wealth ........................................................ 16 6. Opening Up the Succession Process........................................... 16 7. Preserving Family Tradition and History ................................... 17 8. Professionalizing the Business ................................................... 17 9. Managing Relations between Family and Board of Directors ..................................................................... 18 10. Recognizing and Resolving Conflict......................................... 18 Part II: How to Hold Effective Meetings .........................................21 Overcoming Misconceptions and Fears............................................21 When Is the Right Time?.................................................................. 21 Who Should Run the Meeting? ........................................................................................ 22 The Agenda.......................................................................................24 Location............................................................................................ 28 Whom Do We Invite?....................................................................... 30 Openers ............................................................................................ 32 Icebreakers........................................................................................34 Documenting the Meeting ............................................................... 34 Closing the Meeting..........................................................................34 Running Ongoing Meetings ............................................................. 35 Family Retreats ................................................................................ 36 Communication ................................................................................37 Organization..................................................................................... 37 How Issues Change as the Business Evolves .................................. 38 Forming a Family Council ...............................................................39 Role of Rituals and Ceremonies....................................................... 41 Avoiding Pitfalls............................................................................... 42 Part III: Some Milestones Reached Through Family Meetings................................................................ 45 Planning the Future of the Business ................................................45 Smoothing Ownership Succession .................................................. 46 Encouraging Family Members in Stewardship ............................... 47 Developing Family Skills................................................................. 48 Creating a Family Mission Statement.............................................. 48 Summary.............................................................................................. 55 Index......................................................................................................56