Short and intensive program offering support and training to entrepreneurs which expedites the development process of a commercialization strategy.
An advisory board is a body that provides non-binding strategic advice to the management of an enterprise. Unlike a formal board of directors, an advisory board does not have the authority to vote on corporate or fiduciary matters.
Group of individuals (outside the entrepreneurial family), who are entrusted by the family and is consulted when making important decisions.
Any group of people outside the enterprising family that are trusted and consulted when important decisions are being made.
Alignment refers to the harmonious relationship between members of an enterprising family as they relate to their respective personal, professional and business objectives.
Business continuity is a blueprint to help ensure that business processes can continue during a time of critical transition, emergency, or disaster. Such events might include a change of leadership or any other case where business is not able to occur under normal conditions.
Business vision refers to the mental image and guiding transformational initiatives of what a company wants to become at some point in the future, based on the goals and aspirations of its personnel. A business vision and, by extension, a company vision statement, can serve as a foundation for a broader strategic plan.
A chief learning officer (CLO) is a senior executive who ensures that a company’s corporate learning program and strategy supports its overall business goals. A qualified CLO propels strategy and aligns the development of workers with overarching business goals.
Bearing in mind your message and environment when communicating with family members to avoid misunderstandings, conflict, and inappropriate behavior.
A council of elders is a group composed of eminent persons who play advisory roles in a family enterprise. An elder may be a senior family member who has transitioned out of the daily running of the company but retains an “emeritus” status for the benefit of retaining their valuable experience. The council can be composed of both family and non-family members.
In a family enterprise, disruption is any disturbance that interrupts an event, activity, or process. This can often apply to family members (i.e. decline in health, injury, or sudden death) just as well as to market disruptions, where markets cease to function normally, for example, a stock market crash. Also, Innovative technologies (ride-sharing apps, etc.) disrupt by altering the way consumers and industries operate.
A documented exit plan is a clearly stated set of business and personal goals that a business owner wishes to achieve in his or her exit. It should be documented in writing and include the tactics and steps required to effectively realize those goals.
The governance decision that members of the family will naturally inherit ownership or leadership within the enterprise.
Estate planning is the planning and naming of whom you want to receive the things you own after you die. It is the preparation of tasks that serve to manage a person’s assets in the event of their incapacitation or death. This includes the bequest of assets to heirs and the settlement of estate taxes.
Experienced business experts of rich and varied backgrounds who support the intrapreneur throughout the duration of his/ her Intrapreneurial journey.
The governance structure where the enterprising family will enforce a system of meritocracy rather than entitlement.
Any person outside the family business that is trusted and consulted when important decisions are being made.
There are six generally accepted key principles that most successful enterprising families will develop over time and follow. There are; 1) Governance, 2) Communication, 3) Succession Planning, 4) Transparency, 5) Responsibility, and 6) Accountability. These principles form the bedrock of successful family businesses. If you’ve established similar practices, but have let them lapse, renew your efforts to give your business family the best chance at continued success.
Often categorized into ownership/management/family, family business roles are any role played by a member of an enterprising family. Ex: Mother, Chief Emotional Officer.
A Family Code of Conduct is a written set of guidelines, rules, or expectations that govern the behavior of family members, usually during Family Meetings. Codes commonly focus on explicit rules for harmonious communication, however, guidelines can extend into operational actions: “Make decisions together without drawing in third parties.” Variations include Sibling Code of Conduct.
A Family Constitution (or family charter) is a written statement that serves as a record of the family’s heritage, culture, hopes, and ambitions for future success, as well as a plan for how to achieve them. The constitution sets out the rights, values, responsibilities, and rules that apply to stakeholders in a family enterprise.
A Family Council is the body that represents family members related to an enterprise. The council functions as an official forum for communicating important issues with family members, such as training, remuneration, or challenges related to the coexistence of the family and the business, among others.