A keynote speaker I heard twenty years ago, who promoted himself as a ‘futurist’, made the point: “don’t worry about the trash, we’ll find a way to deal with all the trash as better recycling technologies arise. The thing you’ve got to worry about is the data. We’re all going to be drowning in information.”
Turns out he was spot-on.
In enterprising families, attention to information flow seems to be on the rise. So too are family meetings, family councils and boards of directors are becoming more disciplined and more thoughtfully and strategically comprised. *
The challenge for leaders of families and family firms is building the processes by which family members are educated and enlightened so that they can understand the data they’re receiving and apply it to metrics which indicate the degree to which the family and its enterprise(s) are reaching its goals. Doing so results in more fully aligned shareholder groups and, as any CEO with multiple family shareholders will tell you, an aligned shareholder group makes the CEO’s job much easier. In my experience, these are the same families that are more likely to achieve their business goals.
We’d love to hear from you – what steps are you taking to keep family shareholders both aligned and informed?
*For a great read on family enterprise boards read Building A Successful Family Business Board: A Guide for Leaders, Directors and Families