In a Family Business, once owners multiply into the second and third generations, it becomes necessary to build consensus about the family’s core values, roles and responsibilities, compensation principles, and governance policies.
The creation of a Family Charter is an important step toward ensuring that the family and the business are aware of the rules that will guide them and the responsibilities of each family member. A Family Charter can successfully inform, reassure and guide every family member and maintain harmony.
Every family member in business will understandably have their own
temperament, values, vision, capability, and seniority in the family hierarchy. Weaving them into a team that works harmoniously to take the company forward can be a challenge for any founder.
FBP is an off-site family retreat. This is an interactive free-flowing program with all family members in business about family business management, leadership, ownership, governance, and teamwork. How would the family like to make decisions, solve problems, resolve conflicts, and govern their organization? What are the family’s core values, goals, ethical principles, criteria for leadership, and roles and responsibilities? Also shares best practices of successful business families.