{"id":1200,"date":"2024-02-21T08:05:00","date_gmt":"2024-02-21T07:05:00","guid":{"rendered":"https:\/\/blog.iese.edu\/family-business\/?p=1200"},"modified":"2024-04-16T18:16:10","modified_gmt":"2024-04-16T16:16:10","slug":"five-ways-to-get-the-most-out-of-family-assemblies","status":"publish","type":"post","link":"https:\/\/blog.iese.edu\/family-business\/2024\/five-ways-to-get-the-most-out-of-family-assemblies\/","title":{"rendered":"Five ways to get the most out of family assemblies"},"content":{"rendered":"

Shareholders often span different generations<\/strong> in long-consolidated family firms, and not all play an active role in the business. In these cases, family assemblies are a vital conduit<\/strong> to bringing people together and up to date on the company\u2019s activity and strategy.<\/p>\n

Family assemblies aim to bridge the divide<\/strong> between family members on the front lines of the firm\u2013generally, managers or directors who serve in the company\u2013and those less familiar with its ins and outs.<\/p>\n

Far from typical business meetings, they are family reunions <\/strong>where the tapestry of the family firm<\/strong> is on full display, <\/strong>showcasing its achievements, positive impact, challenges and aspirations.<\/p>\n

Done well, family assemblies nurture engagement and interest<\/strong> in the company, especially among family members less entwined in its operational threads.<\/p>\n

Beyond disseminating information, they should create a shared space<\/strong> where people have pride of belonging<\/strong> and where all voices, both seasoned and new,<\/strong> are heard and appreciated.<\/p>\n

Unfortunately, many of these family gatherings miss the mark<\/strong>, subjecting guests to marathon sessions of dry financial overviews and strategic plans<\/strong>.<\/p>\n

How can owner families transform them from metric-heavy monologues into interactive symposiums of shared vision and values? Here are five insights to keep in mind:<\/p>\n

1 – Get younger generations involved<\/span><\/strong><\/h2>\n

Actively engaging younger family members adds a lighter touch<\/strong> to family assemblies, while subtly highlighting the need for succession planning<\/strong> and inculcating family values and culture.<\/p>\n

Research supports this: according to the North America Family Business Report 2023 by Campden Wealth<\/a>, early exposure among next-generation members significantly increases their interest in protecting and sustaining the family business.<\/p>\n

\"\"<\/p>\n

2 – The power of storytelling
\n<\/strong><\/span><\/h2>\n

Shift from data-heavy presentations to storytelling sessions<\/strong> that showcase the family\u2019s legacy and milestones<\/strong>. Stories resonate far more than statistics and foster a sense of pride and connection<\/strong>. This evidenced-based narrative approach taps into family members\u2019 emotional connection to the firm, greatly increasing engagement and the retention of information.<\/p>\n

3 – Experiential activities<\/strong><\/span><\/h2>\n

Experiential learning theories point to the power of direct involvement in bolstering understanding and emotional ties.<\/strong> To this end, family assemblies might consider incorporating on-site tours, hands-on activities and other experiential offerings.<\/p>\n

4 – Collaborative dialogue<\/strong><\/span><\/h2>\n

Collaborative learning principles suggest that group interaction promotes more active participation<\/strong> and a broader diversity of perspectives, leading to deeper understanding and problem-solving. Experienced moderators or discussion leaders encourage participation and prevent one or two voices from dominating the conversation.<\/p>\n

5 – Make it dynamic<\/strong><\/span><\/h2>\n

Gamification increases motivation and engagement, so consider introducing interactive elements like quizzes or games<\/strong>. At the same time, make sure they are relevant, contribute to the meeting\u2019s objectives and don\u2019t trivialize important content.<\/p>\n

 <\/p>\n

Homepage image: Valeriia Miller \u00b7 Pexels<\/em><\/a><\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Shareholders often span different generations in long-consolidated family firms, and not all play an active role in the business. In these cases, family assemblies are a vital conduit to bringing people together and up to date on the company\u2019s activity and strategy. Family assemblies aim to bridge the divide between family members on the front […]<\/p>\n","protected":false},"author":2305,"featured_media":1209,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[45520,119674,117535],"class_list":["post-1200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family","tag-engagement","tag-family-assemblies","tag-shared-family-purpose","megacategoria-mc-family-business"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t