When objectives are clear and there are values that can be passed from one generation to the next, enterprising family’s relations and legacy are enriched. The family council is the space to have the conversations needed to establish a path for the future and transform them into actions that will engage the family members to work for a sustainable succession of the shared patrimony.
Enterprising families regularly hold informal meetings and conversations about the history of the founding generation, how should the future of the family project be, who will be making decisions and what are their expectations of the family business. Taking all these valuable conversations and transforming them into strategic guidelines for the future that arises from the family’s shared dream, is an invaluable opportunity for the family business.
Through our methodology, we guide families to undertake or reorganize the Family Council, transforming this body into the prime forum for defining the family strategy to manage its patrimony, adapting it to the particular character of each family group, and steering the potential conflicts as learning processes.
Good practice of a Family Council allows to:
Strengthen the values of the enterprising family and preserve its patrimony’s cultural heritage.
Effectively follow up on the succession plan.
Establish an appropriate forum to discuss the relationship of the enterprising family and its patrimony.
Get commitment with the establishment of strategic lines for the future of the family group and the patrimony.
Define the objectives and goals for the strengthening of the family relations and its patrimony.