Family Meetings: How to build a stronger family

Most business owners and CEOs whom I coach acknowledge the importance of having ongoing meetings with their leadership team. The purpose of these meetings ranges from clarifying their vision for the company to discussing potential challenges and executing company goals successfully. Yet many of these same business leaders are reluctant to have similar transparency in personal discussions with their family, resulting in leaving their families and their financial futures vulnerable.

With the expected intergenerational wealth transfer of $41 trillion through 2052, there is a critical need to ensure that the next generation is able to sustain wealth in a responsible manner. However, research indicates that a majority of families have been unable to successfully transfer their wealth upon the patriarch's death. This highlights the need for parents to proactively have conversations with their children about money, family values and their financial future.

Although most business owners are probably loathe to add more meetings to their schedule, treating communication at home more like you treat it at your business can ensure everyone knows the plan. Family meetings offer opportunities to discuss critical issues that can impact future generations. While wealth management will always have a place on the agenda, family meetings can also provide an unparalleled opportunity to build stronger family cohesiveness. Once family members get comfortable with the process, meetings can inspire the development of family mission statements, formalization of family histories, family education projects, philanthropic efforts, and other ventures that reflect established family values.