The Family Council is a powerful tool to help build family unity and cohesiveness through a shared vision of the family's purpose. Family members are given specific duties and responsibilities, such as: - Investigating how to invest family money together
- Identifying charities and causes that best align with the family's values
- Setting up future family council meetings
- Establishing a budget and agenda
5. Get Your Team Involved
Now that you know what matters most to your family and everyone is on the same page, you need to keep your attorney, CPA, stockbroker, insurance agent, and anyone else assisting with your family business succession plan abreast of your desires. Armed with a copy of your family vision statement, these various professionals can help turn your desires into reality by using their unique skills to create strategies, tactics, and tools designed to bring your vision statement to life.
Plan Today for a Successful Family Business Succession Tomorrow
At this point, it would be normal to think you're okay and your family succession plan will work just fine. That may be the case. But as you age your influence will wane. Sons-in-law and daughters-in-law may not hold the same values and morals dear that have served your family well.
As your influence declines, their influence will grow. That is, unless you have a process in place designed to preserve your values, pass on your wealth and help your family have lives of significance working in a thriving family business. It could mean the difference between a thriving business that continues to bless you and your family or a sad statistical footnote.
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