Family, Business, and How They Relate: Meeting Together

The first step in resolving a family business problem is acknowledging that a problem exists. During your initial meeting with TD&A it will be determined which resources will offer the best solution for your family. It is important that all family members be present at the initial meeting for several reasons. First, when a family agrees to an initial meeting it indicates that members are committed to the family, its relationships, its business. Second, it shows that the family members acknowledge the existence of a problem. Third, it suggests that the family members are willing to work together to resolve their issues or problems.

At the initial meeting the issues facing the family are discussed and family members can ask questions that will help them determine if they want to move forward to the next stage of consultation. Successful family business consultation requires that a rapport be established between the family and the consultant; this rapport serves as the foundation for working effectively with all family members.

During Phase I of the consultation process TD&A conducts assessments of the business, family members, and nonfamily executives who have a leadership role in the business. The family then receives a written report that includes recommendations for moving forward.

Phase II involves implementation of the recommendations. Monthly meetings are recommended to begin the process; meetings usually last a full day. Depending on the issues and the recommendations meetings may involve individual family members or the collective family. The consultation process typically requires a commitment of six to nine months.

There is no fee for the initial two-hour meeting.

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