Family meetings are the fundamental pillar assisting during each and every stage of building and following the Constitution and communication between family members.

Communication is highly crucial between each and every family member. Failure or little communication can lead towards deadlocks, unnecessary and unresolvable conflicts, and subsequently the end of the family business.

"Hear what is not said"

Every family member has his / her own vision of the business, expectations from the family, and a way to express their consent or disagreement. It is important to hear the concerns of the extroverts and the voices of the introverts so that they can be discussed, debated, and addressed in the family constitution

“It’s during the family meetings, that the silence of the family can be heard clearly”

WHAT IS A FAMILY MEETING

1. It is a structured meeting, between the family members, with an agenda, held at agreed intervals
2. The agenda normally covers family issues and the business challenges affecting the family
3. Such meetings provide a platform for catharsis, by allowing family members to vent out anger accrued due to past issues
4. The family members end up resolving conflicts

“Family Meeting – is a platform to participate and be heard within the family”

WHAT IS THE PURPOSE OF CONDUCTING FAMILY MEETINGS

1. Family meetings help in fostering communication between the members
2. Family members have freedom of speech, expression, and participation to voice their concerns
3. Feeling of being a part and being involved is developed in each family member
4. Family meetings serve as a great platform for problem-solving

WHEN & HOW SHOULD FAMILY MEETINGS BE PLANNED

1. Plan a family meeting every week or every other week or at least monthly
2. It’s difficult to have meetings frequently, having a family meeting at least once a month is better
3. Fix the date, time, and length as per the agenda, well in advance
4. Celebrate the good times with fun activities
5. Invite all and encourage each and every family member to participate
6. Be open to listening, rather than controlling the flow of the meeting
7. Solve just one or two problems at a time
8. Use problem-solving and interactive skills
9. Have a brief, crisp family meeting

MAKING FAMILY MEETINGS SUCCESSFUL

1. Meet at the regularly scheduled time
2. Rotate meeting responsibility for the leader, secretary, and note keeper
3. Encourage participation
4. Discuss one topic and solve the problem at a time
5. Use WhatsApp messages
6. Use problem-solving steps
7. Make decisions by consensus
8. Once it appears that u have an agreement, make sure you have reached a consensus
9. If things get “too hot to handle, anyone can call for a break”
10. End with something that is fun and that affirms family members – smile and hug

“Family Meetings lay the foundation of togetherness & continuity in a Family-Owned Business”

ADDVALUE is one of the leading Family Business Advisors assisting family businesses to conduct family meetings, under the guidance of expert Family Business Consultants.