Why Hold a Family Meeting? (And How to Do Them Well) By Barb Dartt, DVM, MS Consultant with the Family Business Consulting Group
At a client’s annual family-business meeting, I had the honor of sitting by Grandma. She and Grandpa had founded the business and were enjoying watching their family, four generations and 27 total folks, enjoy each other’s company.
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Winter 2022 — Partners
She showed me a picture of a tow-headed toddler wearing water wings, smiling broadly as he stood next to a pool. “That’s Teddy, at our second family meeting. He’s 24 now – right over there.” She pointed. “He just got engaged!” This family had been holding family meetings almost every year for over 20 years, beginning when it was only eight adults. The gatherings began as a combo of a fun overnight escape to a local hotel and a short update from the farm’s banker or accountant. Today, the meeting includes hands-on learning for all ages, followed by dinner together. The ten cousins (and their spouses) know each other well and enjoy each other’s company. As I attend their sessions, I can feel their connectedness and engagement, which was developed, in part, by the power of having ongoing family meetings. As your family business organization grows, the business and ownership systems evolve and formalize. Within the business, middle managers are hired, meetings to plan and effectively communicate are held, and non-family managers contribute
