The theme of the Transitions West 2012 conference, which took place in November and was sponsored by Family Business and Stetson University, was âOwnership, Management and Entrepreneurship: Building Family Legacies.â Conference sessions focused on three important ways to build for the future: (1) Develop a comprehensive governance plan; (2) Establish a family council to foster collaboration among the extended family; and (3) Teach financial literacy to your next-generation members, and encourage them to be entrepreneurial.
January is an appropriate time to start planning. The new year brings new opportunities, new goals and, perhaps, a new vision. As one family CEO put it, âAn organizationâs ultimate purpose is to aim for immortality, to create a community that will last not only through your lifetime, but that of your grandchildren.â If your company has already developed a mission statement and a vision statement, take these documents out of the drawer, dust them off and renew your commitment to the family valuesâor, if necessary, revise the text. If you have not formulated these statements, sit down with your family members and outline what is important in your lives, your business and your community.