Does your company have a family business forum?
Even before I got involved in running my family's business, I wanted to know what was happening in the organisation, both at a strategic and operational level.
But how do we create a framework that allows family co-owners, who are not necessarily employees or board members, to follow and contribute to the management of the company?
The key words are FAMILY BUSINESS FORUM.
We should set up a formal forum adapted to the needs of family co-owners to be involved. And we should have binding guidelines that answer the following questions:
- What are the criteria for participating in the forum?
- How often should members meet - and how?
- Which topics should be discussed, according to which criteria, and at which level (strategic and/or operational?)
- How can it be ensured that the forum supports the work of the board rather than overtaking or undermining it?
- How is the board required to deal with input from the forum?
- Who maintains contact with the chairman of the board or another contact person on the board?
Would your family business benefit from a family business forum?
(NOTE: This post can be read in conjunction with my post on business and family gatherings.)