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Who is invited to your Table...or who is not invited?

Invitations to be sent!   Check the list! 

Just like a birthday or Dinner party, when planning a Business Meeting, it's critical that everyone is invited that should be!  

That means inviting those invested in and concerned with the family, connections and networking to have the opportunity to sit at the table.  

In Family-owned Businesses the Business Meeting is a significant event. For that reason, it’s essential that all vested stakeholders are invited to sit around the table, to be there to have a say or not.  An Invitation helps in preventing sometimes perceived favouritism, being left out or neglected, feelings, that if left unchecked foster, can fuel disconnect, and disengagement.  

Bringing everyone to the table provides the opportunity for; 

• Ideas sharing, collaboration 

• Everyone is involved, participation  

• Joint decision making, empowerment  

• Facilitating family harmony, unity 

• Building relationships, strength 

Importantly, in any Family enterprise, key players need to participate to meet their obligations. If operating under a Family Business Board this is critical as there is less opportunity for fluidity of role changes. 

This is where having a strong formalised leadership structure is key. Crucial for all Businesses, including small owner led Family interests, with succession planning for retirement or leave of absence needs to be factored in.  

Smart operators will consider adopting a leadership team model. This can comprise family members and non-family that are selected to undertake specific specialist roles. 

When identifying individuals for roles it makes good sense to consider both job criteria credentials and personality characteristics. Develop the selection criteria for each leadership role based upon family values and the business situation. 

The Table is set. Here is the Meeting Menu! 

1. Send Invitations and Meeting Agenda.  

Give adequate notice. Prepare the Agenda, clearly state meeting purpose, and objectives. Be consistent with planning and scheduling Meetings to give advance notice. This will encourage better attendance and participation. 

2. Select a suitable Setting  

Arrange a neutral setting suitable for the event. A venue with appropriate facilities and amenities, fitting and comfortable to encourage engagement and productivity. This also allows for relaxed downtime afterwards, Family bonding and possible activities. 

3. Nominate Meeting roles 

Sharing the load and providing opportunity for learning and growth. Delegating roles can help educate family members about the Business history and also prepare everyone for future roles and responsibilities. Also allows more, different voices to be heard.  

4. Deal with Business Matters 

Set the Meeting scene, opening with ground rules. Follow the Agenda, importantly manage timeline, allow adequate discussion time, and record all pertinent points. Nominate an official record keeper. Where required, ensure follow-up of unfinished business, decisions or actioned items. This accountability ensures meetings have transparency and meaningful outcomes. 

5. Foster Open and Honest discussion 

Establish ground rules for discussion to encourage and facilitate open and honest communication. Build a culture where everyone feels safe to express their opinion without judgement, fear or repercussions. This approach fosters greater participation. 

6. Manage conflict resolution 

Disagreements can and do occur. The answer is advance planning, by establishing conflict resolution protocols as part of the Governance structure. This can help manage and handle disputes more efficiently and effectively, difuse before they escalate. 

7. Engage independent facilitator if needed 

Family Meetings come with their own dynamics and sometimes conflicts. At times having an independent, external facilitator can help manage proceedings, particularly when there are complex issues to deal with. They can provide an impartial perspective on business matters and help clarify misunderstandings.  

8. Review Governance structure  

It’s critical to have a Governance structure in place suited to your Business and family needs. For example, a family Council or Board of Directors, comprising both family and non-family members. These structures provide a professional approach to managing business affairs, managing or mediating disputes and ensure all voices are heard and valued. Everyone is invited to the Meeting Table. 

9. Record Meeting Minutes 

Recording and maintaining records of what is said, discussed and decided at meetings is critical, best practice and a requirement.  It is the formal record that holds members accountable, tracks progress and is the context, reference for future discourse. It also aids in financial and legal planning, ensuring decisions align with Business strategies and estate plans.   

10. Celebrate successes. 

Take care of Business and importantly take time to celebrate successes. 

Gather together, celebrate whether a successful investment, goals reached, or a project completed. Celebration recognizes and reinforces positive relationships, dynamics and encourages a culture of appreciation and achievement. 

Takeaway:

Invite everyone to the Business Meeting table. Family Meetings are more than just business discussions they foster family unity, align members towards common goals and secure a legacy. Well planned, productive Meetings ensure both the Business and family prosper. Together everyone achieves more!