The Taylor family, a third-generation enterprising family based in Australia, talked to BFF about their inclusive structures for family governance:
We believe communication is very important to make sure you don’t get areas of conflict. So we have a Family Forum where all family members get together and meet once a year. And we also have what we call Family Council meetings.
The Family Council and Family Forum are great avenues for the broader family to be heard, and ask questions, and be involved…A lot of the big decisions do get kicked around the table so it’s a good process, it’s an inclusive process.
Family Council meetings are designed so that if there is some tension or conflict that starts up…we don’t want that being kept within the family business and starting to impact on not only family members but other people that work in the family business…so the idea is to take those areas of conflict and resolve them with other family member at the Family Council meetings.
We have got all these processes in place, which is a good thing. But we have not had to have any crisis meetings or anything like that. So it is working well.
My advice is to communicate, try to build a bit of structure, and also enjoy the successes of the business because it is hard work that you do. Celebrate the successes too.
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