News & Insights

Five Strategies for Successful Family Meetings

By Fairport Wealth

Family Meetings Matter

When it comes to talking to your loved ones about wealth or discussing long-term plans for the family business, family meetings can be invaluable. They are an opportunity to learn from one another and become unified, working cooperatively toward shared objectives.

We offer five strategies that can help you make your meetings successful.

Decide What Type of Meeting to Hold

When it comes to getting your family on the same page about the future, communication is key. There are four categories of family meetings, and the type of meeting you choose hold will be based on the topics you’d like to discuss, including Wealth and Values, Ownership and Estate Plans, Future Family and Problem-Solving.

Plan Your Meeting Well in Advance

The most successful family meetings are pre-planned, with family members invited well in advance, their input solicited (so you have each family member’s point of view), and an agenda established to guide the conversation. Your Luma Wealth advisor can help you organize your meeting agendas and provide assessment tools and questionnaires for gathering input.

Make Sure Your Meeting Runs Smoothly

Every family is different, and every family business is different, so there is no one-size-fits-all approach to holding a family meeting. However, there are some common best practices that can help your meetings run smoothly, which include:

• Be clear about the meeting objectives. Set expectations about what needs to be accomplished. 
  
• Choose the right setting. You can meet in a conference room in your office or at an offsite location conducive to conversation, but typically outside of your home is best.
  
• Select a leader. Oftentimes, an experienced third-party facilitator is the best option to lead a family meeting because they are neutral and can establish and enforce boundaries.
  

Leverage Your Business’ Best Practices

Many of the best practices you use to achieve your business goals can be applied to your family meetings. For example, assigning someone to take notes at every meeting and sending a follow up communication allows you to capture the discussion items, summarize what was learned, clarify next steps, and assign to-dos. Use a proven tool to create a road map for implementing the plans you have established.

Define Your Mission

A thoughtful mission statement is one of the most beneficial outcomes of a family meeting. It encapsulates your values, including what is important to you as a business and as a family, and describes who you are. A mission statement is not about your family’s wealth, which is simply a means to an end; It is about your priorities and purpose. It sets you on your course and unifies you and your family toward a common goal.

If you’re hoping the next generation will take over the family business one day or need a platform to speak with your loved ones about your wealth, estate plans, or values, please contact us.