Date: Oct 29 2020
In our ever-changing world, the importance of having a successful family council is more critical now than ever. Here Peter Begalla, Founder and Owner of JPB Consulting Group Inc. and Education and Conference Director at Family Business Magazine, and Dayna Manning, Family Council Chair of the Golden Rule Family, review the scope, purpose, components and hallmarks of an effective family council.
Begalla starts by defining, what is a family council? He asserts that a family council…
- Handles the “business” of the family.
- Focuses efforts for family ownership development.
- Promotes family connection and helps remind of the legacy.
- Clarifies, monitors and strengthens the family’s overall relationship with the family enterprise.
- Creates policies and governance.
- Plans and executives activities, gatherings and education.
Manning shares her personal journey of how her family formed a council. Twelve years ago her cousin, who is the main liaison with the family company, started doing one-day family meetings to get together, talk about the business, and share dinner. A family advisor suggested the family form a council and Manning was elected chair.
Begalla provides a process for how to refresh or how to renew a family council that might be stale or outdated, or not functioning at its highest level. He recommends to first note and openly discuss the issues and opportunities. Also, watch for and embrace “family champions” to lead the charge. Further, Begalla recommends to, at first, build in slightly more structure and format than you need.
Glen Johnson is Chief Operating Officer at Family Office Exchange (FOX). In this role, he is responsible for all aspects of the member experience, ensuring that each family member, family office executive, and trusted advisor has an unsurpassed experience partnering with FOX by providing unique industry knowledge and insights coupled with a safe and confidential environment where members can share best practices. In addition, Glen oversees the operations of FOX and is charged with establishing and executing systems to execute FOX’s strategic plan, promoting it’s vision and service-centric culture, and enabling the FOX team to work together to exceed our member’s expectations.
Areas of Expertise: Business Owners, Business Transition, Wealth Advisors