Family Meetings

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Family Meetings: Best Practices and Strategies
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Family Meetings: Best Practices and Strategies

A Family Office Exchange A Family Office Exchange Family Continuity and Governance Series Family Continuity and Governance Series Critical Issue Webinar Critical Issue Webinar February 27, 2008 February 27, 2008
Karen Rush Ann Freel Family Office Exchange
Karen Rush
Manager, Events
Karen Rush is events manager for Family Office Exchanges Member Services division. In this role, she is responsible for planning all external FOX events, including Forums, workshops and regional events. Her responsibilities include developing speaker networks, session design, cost management and onsite production. Karen has built her career on more than a decades experience in both event planning and family offices. Prior to joining FOX, Karen spent 10 years managing family communications and educational events for a large multigenerational family office. In this position, she worked directly with the family office CEO as well as family members to develop a effective family meeting process. Also, Karen supported the process by which younger family members were integrated into the family including a summer program for younger generations. In addition, she published the quarterly family newsletter. Karen started her career in a corporate event planning firm planning large scale corporate events. Karen received her bachelor of arts degree from Southern Illinois University and is a member of the Meeting Planners International.
3 2008 Family Office Exchange
Ann Freel
Manager, Programs
Ann Freel is manager of programs for Family Office Exchanges Member Services division. In this role, she is responsible for developing and managing FOXs distance learning programs and educational partnerships. Ann spearheaded the development of FOXs 2007 Family Education Toolkit and works with member families and advisors on a number of education-related issues. In addition, Ann sits on FOXs research team and has contributed to the design and analysis of several original studies. Prior to joining FOX, Ann was curriculum designer and core faculty member at Connected University, the online professional development division of Harcourt Education. She also spent five years as a program director at one of the U.S. Department of Educations R&D laboratories, where she designed and directed a groundbreaking public/private educational partnership for families and created numerous leadership and professional development programs with state and federal education systems. Ann started her career with a national philanthropic management consulting firm, where her work focused on organizational development, research, board education and training, and comprehensive resource development.
Todays Program
I. Core Principles
II. Setting the Agenda
III. Making It Happen
IV. Activities
V. Resources
What is a family meeting?
A family meeting (or family retreat) is by definition Different from other administrative and governance meetings
All family members are involved in various ways not just those with formal roles Connects younger and new members fully with the family Strong emphasis on family continuity, relationship building, education, and the familys long-term vision/direction
bigger than a board meeting
Family meetings develop the familys capital
builds the familys capacity to create a shared future Family Decision Making and Action (Intellectual / Financial Capital)
Family Education (Human Capital) Building the familys relationship foundations
Family Relationships (Social Capital)
The Foundation: Family Relationships
Build and strengthen family relationships Spend time together Get to know each other Bring new family members into the fold Recognize major passages/transitions Have fun Believe in the family, feel part of the family
The Bridge: Family Education
Educate family members and develop their capacities Share important information about the familys history, goals, values, and capital Bring up to date on activities and direction Provide family members with opportunities to develop the knowledge, skills, and beliefs they will need to steward the family Family Education (Human Capital)
The Synergy: Family Governance
The family makes decisions about their Family Decision Making and Action shared capital together (Intellectual / Financial Capital) Convene the familys governance structure(s) Define, plan, and revisit the familys strategic direction Make decisions about important shared endeavors Transition family roles and responsibilities Family Relationships (Social Capital) Family Education (Human Capital)
Family meetings are part of a much larger, long term effort to sustain the family
Effective family meetings will be an integrated part of the familys long-term work Includes a strong educational and governance component
However, the family meeting is not the family's education or governance program
The emphasis of the meeting is usually on long term vision and goals, not tactical work
This doesnt mean that short term issues wont be addressed if this is the family's top priority now
The focus of the family meeting will change over time as the family changes
Benefits of Family Meetings

Building a stronger family Building a stronger business Planning for future ownership Planning family participation / involvement Managing inherited wealth Opening up the succession process Preserving family tradition and history Managing relations between family and board of directors Recognizing and resolving conflict
Family meetings are the place where most families learn to work together and stay together.
Source: FOX Best Practices research
Timing Issues
When to start holding meetings?
As soon as the family needs to communicate about family wealth related issues (financial and non-financial) or build stronger relationships Best to start in 1G/2G
Develop culture and communication norms Capture values, priorities, strategic direction Establish productive ways of decision-making
Small can be beautiful

Start with short meetings Dining room table Strategy for business and/or long term wealth goals
How often? Once a year at least

More than once a year, may have different focii (or may not be family meetings) Beware of meeting overload
Its never too soon

Its (almost) never too late
Todays Program
I. Core Principles
IV. Activities
V. Resources
Define your meetings purpose and goals

Before you develop your family meeting agenda, determine:
What kind of meeting will this be? How much time will be spent on family bonding, governance, and education?
Finding the right balance for your family can be challenging but determining your priorities on the front end can help set the right expectations for the attendees.
Try a pie chart exercise
Identify goals in all three key areas (relationships, education, governance)
Define your meetings purpose and goals

Tips and best practices: Identify goals in all three key areas (relationships, education, governance)
Ask: What do we want/need to be ready to do after the meeting? What do we want family members to say about the meeting when they are back home?
Prioritize - you cant do everything at once

Ask where are we right now? Look for whats special/whats most important this year
Then, communicate the meetings key purposes and related goals to the family and family office staff Expect that youll never be done with the kind of long-term, capacity-building work that happens at family meetings
Some sample meeting priorities and goals

Relationships 60%
Celebrate Harry and Harriets 25 year anniversary Strengthen bonds between second cousins Welcome new spouses into the family Recognize family members who have turned 16 and joining adult group
Education 20%
Effective communication and negotiation skills Financial management for primary kids and teens Succession issues/letting go for G1-G2 Educate new family members and adult group inductees on family governance policies and practices
Governance 20%
Report on 2007 family financial goals and investment performance Determine Roberts Executive Committee successor Gather input on 2008-09 committee agendas Kick off G4s donor-advised fund
Who plans the agenda?
Most families establish a Family Meeting Committee (or similar group) to set the agenda and manage the meeting
Composition of this group may vary from year to year Rotate among family branches Rotate among generations Family office liaison and executive are generally involved to facilitate and support the process
Family Meeting Committee: Best Practices
The family meeting committee should operate with:

Timetables for developing the family meeting Guidelines for how issues are presented and decisions are made Divisions of responsibility with procedures for assigning each committee members role Methods by which members report back to the group on their activities
Setting the Agenda

Best practices: Start early Work from established, prioritized purposes and goals Seek input from family Balance needs and wants Involve different interest groups within family Help meeting committee members with messaging and coordination Remember: the family meeting process is a long term project
The Agenda
Best practices:
Start and end with an affirmation of family values and vision Get a running start with a social event help family members reconnect and bond first Vary activities throughout the day Incorporate rituals and traditions Encourage active participation from the younger generation(s) Create activities where different branches and different generations work/play together Be clear about purpose of each formal session on the agenda Seek to ensure that everyone is heard in education or governance sessions Plan for down time Build in experiential learning where-ever possible (even in the fun activities)
Set Meeting Policies
Establish clear policies around issues such as: expenses, spouse participation, age appropriateness of activities, alcohol consumption
May also be referred to as meeting ground rules
These should connect to the familys overall values/lifestyles
Policies and Ground Rules

Ground rules establish what is acceptable behavior from family members during the meeting May be part of a larger set of family ground rules Define positives and negatives alike
Set limits on behavior across the family for the term of the meeting e.g.,No one under age 21 will be served alcoholic beverages. Connect behavior expectations to family meeting priorities e.g., Your participation is very important to our familys continued success. Participation is at your discretion, but you are encouraged to participate as fully as possible because you are an important part of the family.
Sample Ground Rules

Respect each other Build self-esteem Publish agenda and minutes Check assumptions before acting Attack ideas not people No finger pointing - address the process, not the individual Everyone is expected to help facilitate the meeting Do not retaliate One person talks at a time Rotate responsibilities Critique and evaluate meetings Follow through Be punctual Check for understanding frequently - summarize and/or paraphrase Everyone is expected to participate, to respect and to support the right to be heard Interact
Source: FOX Research
Lessons Learned: Whom to include

Considerations for spousal/significant other participation: How information is shared in the family Parenting roles Potential for fresh perspectives at the table Involvement in planning/implementing activities Definitions of involvement, vs. voting rights Established parameters around what makes an other significant
Considerations for non-family member participation: Have a clear purpose - and limit participation to specific activities When possible, be upfront with outsiders about their participation level. If this is not possible, adjust the meeting schedule to limit their participation in certain aspects of the meeting. 25
2008 Family Office Exchange
We have sensitive topics or difficult relationships to deal with

Even close families can have bad business habits, emotional issues, or longstanding conflicts Conflict is a part of life but family members can learn to resolve disputes more effectively, heal old wounds and use differences in perspectives to keep a family healthy. Tips:
Hold family meetings in neutral territory, away from the office Hire outside facilitators to address issues head-on if needed
Facilitator should interview various family members in advance to get a feel for the group dynamic and identify key issues.
Sandwich difficult conversations between positive, relationship building activities Consider generic family education on interpersonal skills Consider rituals to acknowledge both positive and negative events in the family
Balance Wants and Needs
Remember, it is a family meeting Agenda needs to reflect the desires of the family Forcing an agenda (or even a topic) is rarely effective Approach with the attitude that the family generally knows whats best for them at a certain time If the family isnt ready to address a certain topic, figure out what they need to be ready to address itand look at providing tools to help them address it later, when they are ready E.g., educational materials rather than a session, or experiences rather than talking heads
Sample G1/G2 meeting agenda

Jones Family Meeting Saturday March 8 & Sunday March 9 2007 Lake Shore Links Club
Saturday 6:00 PM 7:00 PM Dinner and comments from Dad Attorney and advisor updates on trusts and investments Family giving update and discussion 8:00 PM 2008 Planning Discussion: Long-term goals for the family What are our long-term goals? What do we each want from the coming year? How can the family help? Sharing and planning 9:30 PM Overview of next meetings/key calendar dates Comments from Mom and close meeting
Sunday 1:00 PM Boat outing on Lake Margo
Sample multigenerational family agenda

Thursday, June 16 6:30 p.m. 9:30 p.m. Friday, June 17 8:00 a.m. - 12:00 p.m. 12:00 p.m. - 1:00 p.m. 12:15 p.m. - 1:15 p.m. 1:00 p.m. - 4:00p.m. Family Dinner Game Room Reserved Poolside Terrace Afterglow
Sara Hamilton G1, G2, G3 Family Ownership Lunch Family Elders Lunch Two Concurrent Sessions G2 Session G3 Session G3-G2 Session Bus Departs for Dinner
Avocet Room Avocet Terrace California Bistro Aviara B Blue Heron Avocet Room Lobby Entrance
4:00 p.m. 4:30 p.m. 5:15 p.m. Saturday, June 18 8:30 a.m. - 12:00 p.m. 12:00 p.m. - 1:00 p.m. 1:00 p.m. - 6:30 p.m. 6:30 p.m. Sunday, June 19 8:30 a.m. - 12:00 p.m. 12:15 p.m. 1:00 p.m. - 4:00 p.m. 6:30 p.m. Monday, June 20 12:00 p.m.
Family Philanthropy Lunch Free Time Dinner with Trustees
Avocet Room Avocet Terrace Clubhouse
Governing Board Meeting Depart for Sailing Event Sailing Event Family Only Dinner
Avocet Room Hotel Lobby Palm Courtyard
Checkout
Planning for Everyone

FAMILY MEETING SCHEDULE
Adults Thursday, June 16 4:00 PM 6:30 PM Friday, June 17 8:00 AM - 8:15 AM 8:15 AM - 12:00 PM 12:00 PM - 1:00 PM 1:00 PM - 3:00 PM 5:30 PM Saturday, June 18 8:30 AM - 12:00 PM 12:00 PM 1:00 PM - 3:00 PM (Trustees Arrive) EVENING Sunday, June 19 8:30 AM - 12:00 PM 12:00 PM - 1:00 PM 1:00 PM - 3:00 PM EVENING Monday, June 20 Morning Departure
Age 21-18
Age 17-13
Age 12-9
Age 6 & under
Check In Welcome Reception and Dinner by the Pool
Welcome Family Presentation - Jay Hughes Lunch G2 Session Family Dinner Event G3 Session Day Trip to Museum
Family Philanthropy - Foundation Report Free Time Team Building Activity Family Dinner with Trustees
Scavenger Hunt
Governing Board of Co- Trustees Meeting Lunch Sailing Event Dinner in the Courtyard ( family only)
Finance 101
Pool Time
Todays Program
I. Core Principles
IV. Activities
V. Resources
Making the Meeting Happen
Scheduling Location Costs and Budgeting Advance Work Follow Up
Should we hire a meeting planner?

Identifying a resource within the family or family office to act as the quarterback can go a long way in planning your meeting.
Deeper family knowledge better decisions about activities, food etc. (e.g., Dont put them on a boat!)
Rely on the experts Utilize resources within the hotel or resort

The role of the conference services manager at any hotel is to meet your needs through services offered by the hotel. Taking the time to discuss your vision for the meeting can empower the conference services manager to help you reach your goal.
Contact a Destination Management Company (DMC)

A DMC is a professional management company specializing in the design and delivery of events, activities, tours, staffing and transportation, possessing and utilizing extensive local knowledge, expertise and resources.
Services that can typically be obtained from DMCs include: Airport / Meet & Greet Transportation / Shuttles Group Tours Recreation & Sporting Activities Team Building Activities Childrens Programs Gifts & Amenities
Scheduling
Set meeting dates far in advance (1-2 years)
Get input from family about other commitments, best time of year but expect there will be some conflicts
Establish a recurring date for the annual family meeting
Location
Pick a neutral location
Select location at least 1 year in advance
Consistent with familys lifestyle or a happy medium
A location with event staff is generally important

Licensed child care?
Determine if additional insurance is needed Send hotel materials out to family members
Costs and Budgeting

Family meeting costs can be paid for in a variety of ways Included in office's annual budget (travel may be included) Allocated by governing committee annually First generation may elect to cover the costs Family office legal structure will determine what is possible; consult your tax planner
Rules of thumb for budgeting: There is no rule of thumb! Ask what kind of family are you Four Seasons or Timber Lodge? Family meeting needs to be in line with the familys lifestyle
Discuss and weigh costs/benefits with members of the family meeting committee Negotiation is better than command and control
Costs and Budgeting

Accommodations Family and Staff - 40 Rooms for 4 nights Portage Charges Total Meals 4 breakfasts for 50 people @ $40 pp 3 lunches for 50 people @ $50 pp 4 Meeting Breaks for 50 people @ $20 pp 4 cocktail receptions @ $1,500 4 dinners for 50 people @ $100 pp Service Charge (20%) Total Events Golf Outing (based on 9 holes) Evening Event Childrens' Program Transportation Total Travel Chicago to San Diego (21@ $400) Portland to San Diego (6 @$350) Staff/Guests (12 @ $400) Rental Cars 18 cars @ $100 per day - 4 days + 200) Total Miscellaneous Speaker Fees Mementos (t-shirts, tote bags, etc.) Photographer Contingency $ $ 37,800 600 38,400
8,000 7,500 3,200 6,000 20,000 8,940 53,640
7,150 5,000 3,000 1,500 16,650
8,400 2,100 4,800 7,400 22,700
$ Grand Total $
10,000 5,000 500 10,000 15,500 146,890
37
Advance Work
Market your meeting!
Get people excited about the meeting in advance
Start communicating 6-8 months out Hawk the location, fun activities, key agenda items Consider online community, blog, or email group to get people talking You cannot communicate enough about this aim for something every month The more anticipation you can build, the better
Send out materials in advance whenever possible

Meeting purposes and agenda Special items for this meeting (e.g., anniversaries, celebrations, transitions) Ground rules Special readings, websites, etc. on important topics
We cant get even family members there!
Scheduling: Are you scheduling far enough in advance? Ask for input, be consistent. Conflicts will always arise dont penalize family members. Marketing: Are you communicating enough? Agenda Issues:
Too much or too little. This shouldnt be an issue if you seek input on the front end. Things people dont want to do. Use agenda building best practices to avoid Attendance at certain activities is at discretion of family members Difficult issues on the agenda front load it, assemble resources and acknowledge it in a positive way.
Family Issues: If family members wont attend because of relationship issues, you have a bigger problem to address
How do we follow up after the meeting?
Do an evaluation after they leave for all ages

Was the mix of education to social right? Too long/too short? What was the most valuable thing you walked away with? What was your most frustrating moment? How do you think you may use what you learned at the meeting? What do you want the focus or theme to be next year?
Send out a meeting summary

Include key decisions, fun notes, follow up items
Ask family members to submit favorite moments Send out dates and locations for the next years program!
Todays Program
I. Core Principles
IV. Activities
V. Resources
Involve the family in planning meeting activities
Even those not on the meeting committee can help make the meeting a success Invite family members to participate in planning for specific activities or sessions Play to family members strengths
But dont force a fit
Building Strong Family Relationships
Best practices:
Build down time in the schedule Dont over-schedule (sometimes fun cannot be scheduled) Cross-branch and cross-age group activities Age-alike activities Provide education on communication, relationships, family dynamics, personality styles
Sample relationship building activities

Scavenger hunts (including hunts for family knowledge and stories) Service days in local area Adventure outings Talent shows Storytelling Informal teachingnew hobbies or skills Games and sports
(collaborative or competitive determine the most productive family fit)
Facilitated Activities
3 Common 1 Unique Guess Who I Am?
Board games
Beat the Parents (intergenerational trivia) Ungame, Totika (communication, life skills)
Rituals and Traditions

Coming of Age Ceremony:
One family conducts special activities when family members turn 18. Prior to the family meeting, younger members are matched with older family members from other branches, who introduce them to the family. They conduct interviews and have conversations in advance, and introductions are shared at the meetings opening dinner. The younger family members are then invited to join the governance activities of the family.
Mentoring:
One family assigns a mentor to every family member at the age of 18. The family office helps the mentors and protgs schedule one-on-one time as well as conversations with those close to each individual in the pair. The family meeting is a time for goal setting and reflection.
Educating and Developing Family Members

Best practices:
Age appropriate Reflect family priorities Emphasize skills and values over information Sit and get sessions are not going to be good here Knowledge is better retained when learners engage in authentic activities and learn from each other Launch longer term authentic experiences that will support learning As are family members teaching each other Remember, at family meetings, interaction and shared understanding are key
Effective educational activities can include learning about

The Family Canon
Family history, mission, and values Family governance structures, roles and relationships Knowledge and skills relevant to the family business Learning about other family branches and family members Family issues and questions (more sensitive)
Personal Development:
Effective interpersonal skills: communication, negotiation, group facilitation, conflict resolution Education and career exploration, assessment, and planning Personal financial management Parenting children in wealth Giving back: community service, creating a personal philanthropic mission
Family Wealth Management:

Strategic planning models and techniques Change management Committee and board service Investment issues Integrated planning (investments, estate, tax planning) Risk management (including personal security, managing the familys public profile) Succession planning Selecting/evaluating advisors Talking with fellow family members about money Professional development to work in the family office
Effective types of learning for family meetings
Interactive sessions with advisors or other experts (design with activities and discussion) Case studies (good for problem-solving) Role-playing (good for developing interpersonal skills) Reading groups (if longer than a chapter, send in advance) Outside speakers with follow-up discussions (good for raising awareness rather than in-depth knowledge or skills) Family-to-family member training (good for developing governance skills, in-depth Q&A on specific topics)
Educational Focus: Personal Development

Personal development education is especially effective in the family meeting context. Some personal characteristics and supportive activities: Characteristic Having a Sense of Purpose Ability to understand financial documents and their relationship to family goals Developing a Sense of Gratitude and Empathy Knowing when to let go Respecting and leveraging diversity Sample Activity Graphing long-term goals across the family (all ages) Laymans guide to financial reports Development of personal giving back plans (all ages) Preparing for succession for the older generation Generational differences in the family/ understanding different family leadership styles
Source: FOX Best Practices research
Sample family education activities

Fourth-generation investment partnership Special sessions on personal security and identity theft Jeopardy-style family game show Reading group for younger generation: The Motley Fool Investment Guide (sent in advance) Trustee and beneficiary roles role-playing and problem-solving with common scenarios Long-term visioning exercises Entrepreneurs and emerging market panels Parenting in wealth sessions (with nannies) while younger children learn financial management basics
Governing the Family Together
Updates:
Wealth Management Strategic Plans & Performance
Investments Wealth Transfer Other Family Office services
Family Philanthropy Governing Committees/Task Forces Operating Business Strategic Plans & Performance
Gathering input Decision making
Governance Tips
Caveat: Dont try to create your familys governance system at the family meeting
Gathering input is fine But its a long-term process ~1 year+ Trying to do it over several days may burn out the family
If your family governance system is up and running the meeting can be the time to:
Have key transitions/celebrate changing of the guard This is a great time to give people the big picture
Dont over-schedule these sessions Who to have in the room? Its different for every family Have your governing groups identify what items to share in advance
Sample Governance Activities for Meetings

The third generation of one family is responsible for requesting donations as a group from the familys charitable trust at the family meeting. One family office regularly invites family members to attend interviews with investment managers as well as the annual meeting with current managers with whom the family invests. Questions are addressed at the investment committee meeting Succession issues are addressed in open meetings where all family members can attend, learn about the process, and provide input. Those interested in taking on governance roles in the future are paired with guides to help them develop the necessary skills and understand the requirements for service. The fourth-generation partnership of one family adopted a values statement to unite, focus, and guide their work together: We, the fourth generation, are here to learn, to work together and grow as an investment team, in a manner than overcomes individual differences and perpetuates the family mission statement. In one family, fifth-generation members 18 or older may attend the operating business quarterly meetings, annual stakeholders meetings, and annual family branch meetings. They may also choose to attend third-party meetings and conferences, observe subsidiary operations board meetings, and listen to conference calls with investors and advisors.
Final Thoughts: Key take aways

Be realistic in what you can accomplish in one meeting
You can never communicate too much on the front end
Find ways to involve family members in the process, not just the meeting
Design activities using proven best practices
Balance the interests of the family (and of the family office)
First and foremost...it's about the family
Q & A / Discussion
Thank You!
Karen Rush
krush@familyoffice.com 312.327.1211
Ann Freel
afreel@familyoffice.com 312.327.1216
Todays Program
I. Core Principles
IV. Activities
V. Resources
Resources: Using a Facilitator

Outside facilitators can be excellent resources when focus is unclear, issues are sensitive, or decision-making has proven difficult Facilitators can also bring in specialized expertise in process-oriented subjects such as strategic planning, policy development, personal development, and interpersonal communication Plan for several weeks to several months of advance work. Facilitators may ask to: meet individually with parents, next generation, spouses, and, at times, the professional service providers or non-family managers. receive copies of pertinent documents family policies, organizational charts, etc. to get a feel for what's been done. distribute a written survey to all parties with whom they will be working to get some additional information about their understanding of the topic(s) at hand, their expectations and their assessment of the major issues to be resolved. meet with groups of two or three family members if there seem to be old issues that need attention. May be part of longer-term facilitation Facilitators can also consult on the agenda, or train family members in basic facilitation principles
Resources: Using a Facilitator

Questions to ask potential facilitators:
How long have you been doing this work? What got you started in it? Do you work with other facilitators? How much of your work is with families, businesses, other types of organizations? How many families have you worked with? Tell us about what you helped them with How would you describe your facilitation style? (listen for adjectives that match your family corporate, young, creative, focused) Describe your ideal client. How do you address different learning and working styles in your facilitation? (e.g., visual styles, etc.) How do you measure the results of your work? If part of a larger business group: How can you assure that there are no conflicts of interest between our work and your firms other work? How do you assure confidentiality of the information that is shared with you? How do you build capacity within a client group?
Resources: Facilitators
Consultants Recommended by Members in the FOX Family Education Toolkit
Resources: Facilitators and Facilitated Activities
Association for Experiential Education: www.aee.org International Association of Facilitators: www.iaf-world.org

Methods database: www.iaf-methods.org/
Facilitation resources:
http://facilitation.start4all.com/
Resources: Meeting Locations
Family Meeting Locations in the FOX Family Education Toolkit http://www.foxexchange.com/private/mem bers/research/toolkit/MeetingLocations.pdf
Sample ground rules
Investing in the Family at FOX Best Practices
http://www.foxexc hange.com/private /members/best_pr actices/index.asp
Resources: Examples of family meeting formats

A family group of five adults meets three times a year at an isolated resort setting to discuss family-related matters. Each program is three days long and has a specific agenda. Topics for their recent meetings have been as follows:
Planning for the long-term deployment of family wealth. Developing optimum career choices for the younger generation. "Giving back" to our local community. Developing a more global perspective on how we view the world. Understanding our personal goals and how to realize them fully. Revising our asset allocation program to meet our financial goals.
A family group with three adults in the fourth generation has developed quarterly meetings at the family office to promote awareness of what is happening with the family's assets and the investment world at large. This program, which is run by the family office CEO, is designed to take away the pressure of discussing/learning about wealth only from their parents. Other topics that are discussed include charitable giving, and economic and world events. This family also encourages the young adult family members to spend time at the family office during summers, holidays or work breaks to learn about how the office operates.
One family started an internship program for young adult family members. The family office helps young adults find summer jobs working in a family business, while living and working with the owners of the business. This family realizes that it is often hard for the parents to act as mentors for their own children, and believe that this program gives their children the opportunity to work with someone outside of the family in a professional capacity. The goal is to help the young people create personal relationships with other adults who may mentor them and to give them the opportunity to work in a stimulating environment.
A family group of over 200 members develops annual programs for teenagers in the family where they can work and learn together. The programs or events are usually selected by the participants and involve going away together to experience an interesting adventure as a family. Prior trips have included a scuba-diving trip, a sailing adventure and an environmental trip.
One family group spanning five generations has formed an entity which is designed to connect and celebrate the family through the communication and transmission of knowledge, experience, skills, ideas, interests and values. On a rotating basis, each family member is asked to make a presentation to the greater family in an area of their interest. There are approximately six topic presentations offered per year. Source: FOX Family Education Toolkit
Educating and Developing Family Members

There arecertain basic things the family must teach all members to prepare them to be good owners: The core family values and how they relate to the family enterprise; The family goals and how to evaluate progress toward these goals; The family culture and how owners can contribute to that culture; The legal rights and responsibilities of owners; The principles of family governance; And finally on a more tactical level, how to read financial statements.
Source: FOX, Preparing the Next Generation for the Responsibilities of Ownership, 2007
Real families ownership characteristics
Willingness to invest in future generations Openness to change and innovation Educating other owners about values and mission Encouraging in-laws to play an active role Living by the Golden Rule Supporting leaders in authority and allowing them to act on behalf of the collective family Making difficult decisions in the best interest of the greater family Honoring contracts and agreements with the rest of the family Letting go of leadership when the time arrives Using collective resources today to invest in long-term outcomes
Source: FOX, Responsibililites of Ownership
Owner education by age and stage
Owner education by age and stage

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Good morning and welcome!

Family Meetings: Best Practices and Strategies

Family Meetings: Best Practices and Strategies

Karen Rush Ann Freel Family Office Exchange

4 2008 Family Office Exchange

II. Setting the Agenda

III. Making It Happen

5 2008 Family Office Exchange

What is a family meeting?

bigger than a board meeting

6 2008 Family Office Exchange

Family meetings develop the familys capital

Family Education (Human Capital) Building the familys relationship foundations

Family Relationships (Social Capital)

7 2008 Family Office Exchange

The Foundation: Family Relationships

Family Relationships (Social Capital)

8 2008 Family Office Exchange

The Bridge: Family Education

Family Relationships (Social Capital)

9 2008 Family Office Exchange

The Synergy: Family Governance

10 2008 Family Office Exchange

11 2008 Family Office Exchange

Benefits of Family Meetings

12 2008 Family Office Exchange

Source: FOX Best Practices research

Small can be beautiful

How often? Once a year at least

Its never too soon

II. Setting the Agenda

III. Making It Happen

14 2008 Family Office Exchange

Define your meetings purpose and goals

Identify goals in all three key areas (relationships, education, governance)

15 2008 Family Office Exchange

Define your meetings purpose and goals

Prioritize - you cant do everything at once

16 2008 Family Office Exchange

Some sample meeting priorities and goals

17 2008 Family Office Exchange

Who plans the agenda?

18 2008 Family Office Exchange

Family Meeting Committee: Best Practices

The family meeting committee should operate with:

19 2008 Family Office Exchange

Setting the Agenda

Set Meeting Policies

May also be referred to as meeting ground rules

These should connect to the familys overall values/lifestyles

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Policies and Ground Rules

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Sample Ground Rules

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Lessons Learned: Whom to include

We have sensitive topics or difficult relationships to deal with

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Balance Wants and Needs

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Sample G1/G2 meeting agenda

Sunday 1:00 PM Boat outing on Lake Margo

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