The family must achieve clarity and consensus on the continued family ownership of the business and the type of business it wishes to own.
Family relationship with the company
The family needs to define its relationship to the company it owns to achieve clarity and consistency for all stakeholders.
The pathway to consensus
Families may need assistance, facilitation and examples of best practices from other families in business to help them reach consensus over time.
Successful long-term ownership requires families to channel, discuss and resolve potential differences of opinion.
Educating the next generation for ownership
The family will need to be educated in business ownership and be well informed of its rights and responsibilities as owners and shareholders. The next generation needs to identify with the family’s values and be committed to its business goals.
Developing next-generation leadership
Each family will need to find a way to encourage and support next-generation family members to aspire to and achieve positions of family leadership.
Family members will need the skills to understand and manage the wealth they may inherit.
Families may need guidance in best practices for effective philanthropy, including donations, charity and social venturing.