Family business governance - owners, founders, leaders

Listen to Dr. Leee Hausner and Mitchell Taylor discuss the importance of a governance system in a family business. In a family business, it is important to hold family meetings to discuss both the opportunities and challenges of the business, and to assign clear roles and responsibilities to family members. Having consistent family meetings will help ensure the organization and success of a family business.

Lee Hausner You know, I’m a big believer that you have two businesses. There’s the business of the business and there’s a business of the family. And I want that business of the family run the same way. You would never run a business of the business without having meetings. Mitchell Taylor So we have a family forum, where all the family members get together and meet once a year. And we also have what we call family council meeting. Lee Hausner So the family meeting, where we talk about challenges, as well as talk about successes, and we come up with a strategy and a system for who’s going to do what and how we’re going to hold each other accountable. Mitchell Taylor We’ve put in family structures that make sure that you know, people understand and that, yeah, I’m the leader of the family business, but other people have roles within it.