In three generations, a family business grew to involve 15 family members in its operations, management and ownership. Relative Solutions was asked to facilitate a family retreat to agree on the role of the family’s future involvement with the business.
Relative Solutions’ Direction:
After meeting individually with our consultants, all family members participated in a two-day retreat to explore their options. Through small group work, the family developed an operating philosophy and a statement of values. During this time, it became clear that one branch was less interested in certain aspects of the business and were open to hiring professional managers.
The family agreed to form a family council to educate all family members about the business; form a task force to explore ownership options; form a holding company; and begin documenting their family business history. They also agreed to initiate annual family retreats.