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Family Business Council Family businesses devote significant time and resources to planning, strategizing, and structuring the concrete work of the business. But unlike other businesses there is an additional dynamic that needs to be considered -- if there is a failure in the family dynamic it can tear apart the value of your work.
To avoid this common pitfall, successful family businesses have employed the use of a Family Business Council (FBC). The FBC is for the family — not the board or shareholders. The purpose is to be strategic in addressing the role family relationships play in the success of the family business. It is a forum to discuss and resolve internal family issues that may impact the business operations.
It can be overlooked that everyday family life is continuously affected by what happens in the business. A council honors the fact that at some level ALL family members have a stake in the issues of the family business. A family business, whether a source of employment or the key contributor to family finances, also carries name recognition/identity within the community. A disagreement may complicate and jeopardize any of the above.
Jensen Consulting can help develop a Family Business Council, facilitate FBC meetings, as well as assist with implementation of agreements that arise from the FBC.
A successful Family Business Council brings results, including ...
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