Steve Lytle, a fourth-generation director of The Agnew Company (his family's single-family office) and a family business adviser, offers some suggestions for family leaders who want to strengthen family connectedness in the January/February 2016 issue of
Family Business
Magazine. Here are three of his tips:
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Conduct family meetings.
Working collectively toward a shared goal “builds the muscles” that help a family create sustainability, Lytle says. Family meetings are the setting in which the four elements of a strong family system — cohesion, clarity, communication and competency — are developed, he says.
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Create a safe space.
Family members should not fear that they will be criticized for expressing their needs candidly at a family meeting. Indeed, Lytle says, family members have a responsibility to discuss their needs and values; if these remain unknown, the business will never be able to accommodate them.
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Learn together.
Set aside time during family meetings for education and competency building. Conduct educational sessions on communication and interpersonal issues as well as on the financial aspects of business ownership.
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