- Establish a process through which all the members of the family who have a direct or indirect stake in the business meet regularly to share information related to the business.
- This may be in the form of regular family assembly and/or any other communication process where the requisite business information is made available.
- The family council or those family members who are running the business formally inform the rest of the family about the developments in the business.
- The content, details, format and frequency of the information and the duration of such a meeting must be decided in advance and must be followed. Gradually, the process will evolve and mature itself, if executed and cooperated by all in the right spirit.
- The right and timely information should leave no room for misunderstanding or misinterpretation by anyone.
- It should become a robust, structured forum for facilitating, promoting and assuring regular sharing of information, views and ideas about the family business.
- The process may lead to healthy disagreements and conflicts, but it must take care of the same such that members’ attitudes or feelings get an expression without disrupting the united fabric of the family.
- Constant, consistent and healthy communication among the family members and the business is crucial in the success of any family business. This process must ensure the same.
(Expert advice to GROW your business wherever you are, whenever you want.
SMEBusinessGuide.com… https://goo.gl/E3pfoQ)
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