Minding Your Business
Articles for Entrepreneurs & Those Who Serve Them
The Value of Multigenerational Family Meetings
Success and the wealth it creates can sow the seeds of its own destruction. As your wealth grows, so does the potential for that money to build walls, create conflicts and lead to poor financial decisions that can reduce a family’s financial position and even ruin relationships. That’s especially true for families who are in business together and want to keep the business and the family performing well with each generation. The family meeting is one of the most effective tools to preempt and mitigate negative outcomes.
Underlying objectives of a family meeting include:
- Family cohesiveness
- Superior management of the family’s future across the generations
- The preservation and growth of the family wealth
This brief article shares four steps to a successful family meeting. Intrigued? Contact us to learn how we’ve helped clients plan and facilitate meaningful family meetings and let’s discuss how to use with your family.
For more information on how Fairport inspires business owners and their families, contact:
Andrew R. Connors, CFP®, CEPA
Business Owner Leader
Partner, Fairport LLC