Ensuring a Fair Process in Your Family Business

These structures and policies are important because business families typically do things almost reactively, or off-the-cuff, instead of more formally (the way nonfamily businesses usually have policies and procedures already in place). ⠀
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1. No surprises: Everyone knows the issues and is informed about the call to decision beforehand. ⠀
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2. No conflicts of interest: Personal interests and agendas are revealed beforehand. No hidden agendas. ⠀
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3. No rush: Everyone feels that they have had time to prepare and time to present their views. ⠀
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4. Sincere care: Each participant feels respected and heard. ⠀
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5. Mutual commitment and good faith: Genuine effort is made to find a win-win solution, and no effort put into gaining an unfair advantage. ⠀
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6. Belief in the viability of consensus: The goal is to arrive at an agreed-upon plan of action while acknowledging there may be differing points of view. ⠀
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7. Objective outsiders: If outsiders are involved, independent directors or family facilitators represent the interests of everyone, not just some and not special interests. ⠀
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8. Post-decision review: Everyone discusses his or her views of the process and agrees to review the results of the decision later if necessary. Until then, all parties will publicly agree on the outcome despite potentially differing views.