Apr 04, 2023

Top three takeaways from the March breakfast session

We just wrapped up Session 4 of this year’s Virtual Breakfast Series and it was a good one! Our topic was family governance—admittedly not the most exciting subject matter.

But our speakers delivered! Joe King, CEO and co-founder of King Technology in Minneapolis, and Max Youngquist, a Senior Manager with RSM. It was great to have them both there to share perspectives and firsthand experiences.

We covered a ton of ground from family meetings to constitutions, boards, policies, councils and beyond. I learned a lot and got a better feel for the WHY around governance.

Here are my Big 3:

Conflict Resolution – Developing an internal approach to conflict resolution can and should absolutely be a part of governance. Building a process of how to handle pain points that pop up among family members can be a way to keep unity in a family. Avoiding legal assistance and costs is a part of it, but the turmoil that a full-blown conflict can create is often never reversed.
Family Meetings – I hear the phrase “Communicate, Communicate, Communicate” over and over again. It becomes a bit like “Location, Location, Location” in the real estate world. There’s a reason it’s said so often – it’s true! How are you communicating? Are you using a formal meeting where everyone is in one place to have the conversation? One panelist shared the importance of taking the time to build out an agenda—and letting everyone see it beforehand. I couldn’t agree more!
Family Boards – Both panelists made mention of the impact of outside board members. I completely agree and also understand how hard that hurdle can be for someone to jump. The last thing you want is more “bosses” in your life. I understand the pushback and I would emphasize “advisory” in the term. Find a few folks, maybe it’s just one to start with, that can bring a different perspective and experience. Having this type of third party involved, especially as the business transitions from Gen 1 to Gen 2, is critical.