5 things every family business should do – part 5: meet with family to discuss the business
Category : Practice Updates
by David Harland CPA
Running a family firm can be grinding. Sometimes it is too easy to get caught up working in the business instead of on the business.
A new fiscal year presents family business owners with an annual opportunity to take time to sit with key stakeholders and think about the issues surrounding their business.
Part 5 – Meet with family to discuss the business
Most successful multi-generational family businesses meet regularly with family shareholders to discuss the future of the business. Even if you don’t have such formal ownership structures, take the time to set up regular meetings with key family members.
One issue we frequently see within family groups is that business issues spill over into family time. Failing to maintain boundaries between personal and business time can lead to burnout or friction within family relationships.
Carving out a dedicated time and place to talk about the business can help you maintain those boundaries and give your key stakeholders space to discuss concerns.
Source: CPA Australia