Questions Best Answered by
Family-Business Councils
- How committed are we to keeping the business?
- Under what conditions would we consider a sale?
- What is our family mission and vision for the business?
- What are our personal goals?
- What is best for the business and the family?
- Is employment a birthright, obligation, or privilege?
- How do we decide who will be invited to enter or leave the company?
- How will we determine their competence, responsibilities, and compensation?
- Are employment perks to be equitably awarded?
- How will we balance the interests of employed and non-active family members?
- How will we foster meaningful careers for each family member?
- How will we support family members in business ventures or financial need?
- What will we do if a family shareholder dies or wants to sell his or her stock?
- Who may buy shares, at what value, and under what terms?
- When and by whom will family members be selected for leadership roles?
- How will we foster our business-family values and cherished traditions?
- How do we reward non-family key employees?
- How does our family plan complement the owner's plan and the business plan?
- For what contingencies do we need to plan?
- How will we meet our responsibilities in the community?
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