A Family Meets on the Future of the Business
We recently had the opportunity to meet with a remarkable family enterprise- a fifth generation legacy business.
We were invited for an interview for a potential consulting engagement. The company president warmly greeted us at the airport and during the one hour drive to their place of business shared stories about the family companyâ€™s history.
We toured the production, warehouse and office facility and then met with three generations of key stakeholders and spouses- all 17 of them. One even joined us via SKYPE. With close to a dozen family members working in the business, the familyâ€™s commitment is intense. We learned more about them and their goals and shared our story and process and responded to multiple questions.
In advance of the meeting, we received a packet including the companyâ€™s history, a statement of their goals, and spreadsheets including the names of each family member, their generation, age, position, education and more.
Their passion, akin to most family businesses, is not unique. Whatâ€™s special is the interest and commitment of so many family members to the process.
This is the first time they were all together for a family business meeting. They were all together as a family being proactive with a desire to ensure a smooth succession plan for their business.