Making Family Business Decisions

Properly structured Family Business Meetings can enhance family team work that can aid in making important decisions. This can be achieved by adopting the right method of decision making as this proportionately increases the family business chances of survival and success.

It is therefore mandatory that the family holds business meetings at least once in a quarter or as often as required depending upon the business exigencies. As these meetings provide a platform for making important decisions, family members should not underestimate the significance of such meetings.

Below are some of the ideas for holding family business meetings:

Meeting venue: Always hold business meetings at the place of work. If held at home, conduct it with earnestness by eliminating all the common distractions.

Meeting frequency:  As indicated above family business meeting should be conducted regularly, say once in a quarter. However, in case of emergencies, the meetings could be called for at short notice.

Preparation of an Agenda: An agenda should be prepared and sent to the members in advance. It should contain all the matters on which members should deliberate to facilitate effective decision making.

Preparation of background papers: All important papers relating to subjects to be discussed at the meeting should be sent to all the members along with the agenda, well in advance, so that they have sufficient time
for preparation.

Minutes of the meeting: A responsible individual should be assigned the responsibility to take notes at the meeting, prepare the minutes incorporating all the decisions taken and circulate the same to all the members within 7 days from when the meeting was held.

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