The family meeting

During an average business day, I would wager the average business owner conducts or attends at least one business meeting. However, in my experience, most family businesses never have conducted a family meeting with all interested parties in attendance even though such a meeting potentially could solve or prevent conflicts.

Why do so few businesses take advantage of the opportunity? Most family-business owners say they never have considered having one, feel uncomfortable bringing the family together in such a setting or simply do not consider it a priority.

Family meetings are as important to the success of a company as any management meeting. Although the meetings may feel uncomfortable or awkward at first, a well-run meeting should bring a family closer so during tough periods, such as illness or death, the family unit and company are prepared to survive.