Andrew Keyt, the executive director of the Loyola University Chicago Family Business Center, and a widely recognized expert on issues unique to family-owned businesses, led a discussion about one of the most critical aspects of running a sustainable family business: communication.
The event featured a lively discussion by a panel of prominent Washington family business owners, including Joe Magnano of The Napoleon Co., and Bill Pettit of the R.D. Merrill Co. and Merrill Gardens.
The program provided an overview of strategies to help participants improve their family and business relationships through effective communication. Participants learned tools for meeting the challenges of multigenerational families in business, particularly during periods of transitions.
During this program, participants developed:
- Techniques to build family cohesion, including articulating shared visions and dreams for the family and the business
- An understanding of the differing communication styles, interpersonal skills, and expectations of family members in various states of life
- Strategies to solicit input from family members and business colleagues and negotiate when necessary
The goal of the program was to help participants and their families build and maintain trustworthy, healthy, and enduring relationships.