Starting a family business may seem simple. Even if this were true, which it is not, as family ownership grows and changes over time, the roles and expectations of the family owners must change. Family business owners often find that they need family business policies not only to guide decisions within the business, but also to address the relationship between the family and the business. Practices that worked with a single owner may no longer make sense when the business has moved into the second, third, fourth, etc. generation.
In this Legacy Series panel, we explore how four family-owned businesses developed family business policies and how they implemented them. Our presenters discuss the importance of clear communication, the role of governance structures, common challenges, and the role of the family in the policy-making process. Learn about practical approaches from our guests Mary Nelson Morrow, Partner and Managing Director at Nelson Legacy Group, Family Council President; Kelly Klose, Shareholder and Board of Directors at Hotstart; Brian McGuigan, CEO at Laird Norton Company; and David Burnett, Shareholder and Board of Directors at Joshua Green Corporation.