Family meetings are beneficial in several types of circumstances but many people associate them with negative aspects. However, the majority of family meetings are positive more than anything. They can bring a lot of value and understanding to your family dynamics. Once you know the types, you can begin to plan your own family meeting. See all the various types below to get started.
Family Wealth Education Meetings
These meetings are ideal for establishing the understanding of money and wealth. During these meetings, when done effectively, you can discuss what money and wealth means to you and other members of the family. This is especially important when it comes to multi-generational wealth transfer. This is a good time for the younger and older generations to discuss fears or concerns as well as plans for the future.
Family Enterprise Future Meeting
This is an ideal meeting for families that are involved in a family business. It should be done to clarify the roles that family members play int he business and who has a say in major business decisions. It should also be made clear how family members should be treated both inside and outside of the business.
Ownership and Inheritance Meeting
When it comes to family wealth, this is the ideal meeting to discuss how the wealth will be distributed. During the meeting, you can discuss the estate, gifting, and the inheritance of the family wealth. You should establish family expectations and also any potential issues that could come up for the legacies in the family. You should be very clear on these expectations.
Conflict and Issue Resolution Meetings
All families have issues and if they are bad enough that they are causing issues with other members of the family, then a meeting can be the best way to address them. For many families, a good option would be to hold the meeting in a single family office or a multi-family office. If the problems are bad enough, you may even want to plan a family intervention with a professional. In these cases, you would definitely want to plan them in a SFO or MFO for extra assistance and professional support.
As you can see, there are many types of family meetings and they are all for the benefit of the family. They are used to accomplish different goals and you should plan each meeting accordingly. The best and most successful meetings establish plans and goals and are clear in expectations. Additionally, you will always want to create a safe environment. For some meetings, you will want to get agreements in writing and make sure that everyone is on the same page. If you have one of these meetings, it is also best to have it take place in a SFO or MFO. This creates a safe space for all participants. If you have the right approach, you will have a successful family meeting and you family will grow closer because of it.