Glenn Muske

Rural and Agribusiness Enterprise Development Specialist

Glenn.Muske@ndsu.edu

February, 2015

Family Meetings:The “How”, “Why”, and More

PFBA - 10/19/15

Think Back•What was the most effective meeting you have ever been in?•What makes you say this?

•What was the most unproductive meeting you have ever been in?•What makes you say this?

What if meetings went away?

• More time• More productive• Fewer antacids needed• Other?????

• What is there to lose?

Definition of “Meeting”

• An act or process of coming together as an assembly for a common purpose

OR

• A meeting is an event at which the minutes are kept and the hours are lost - Unknown• Meetings are indispensable when you don't want to do anything -

John Kenneth Galbraith

Everyday 83 million people attend 11.5 million meetings.

Types of MeetingsAd Hoc Issues Status Working Strategic

A short conversation with a few people in a hallway or over coffee

A possibly controversial meeting with a partner, client, or someone else to discuss multiple options

Reporting up to senior staff or a different group that you are collaborating with

Sitting in a conference room with co-workers to solve problems or make decisions

Gathering large groups office for several days on a variety of topics or to map out a long range plan

Is this a meeting? InformStatus reportReview

Brainstorm

Family Business Meetings

Step 1: Ask Yourself - Do we need to have a meeting?

• Is there another way to get the job done•Does everyone need to be there • Don’t leave people out just because they may not have a role in

that meeting

•Respect people’s times, theirs and yours.

The “How” of Meetings• Before

• Agenda – with times??• No hidden agendas!!

• Send material in advance – Agendas, drafts, reports, etc. • Avoid surprises – Talk with key stakeholders in advance• Get the right people in the room

• During• Have

• Start time and an end time• Note keeper

• Parking lot• Action log – who does what by when – review at each meeting• Just decision and actions recorded and maybe major points – not a transcript

• Timekeeper• Agree on objectives• Look for data, not assumptions

• Don’t accept something won’t work. Ask “how do you know?”• Focus on results - Stop long tangents• Assign actions

• After• Follow-up and report back

Decision Making• Types of Decisions• Consensus• Vote• Consult – subset decides• Command

• Styles of Decision Making• Autocratic• Democratic• Consensus• Collaborative

Participant Responsibilities

• Listen, support and contribute• 1 conversation at a time• Come prepared• Respect each other• Focus on the task• Minimize gadgets /multi-tasking

Tips for Effective Meetings• Start small• Small numbers• Short time• No big decisions

• Use “Just get comfortable” meetings• Personality styles – Learn what makes each other tick • Don’t make people give up something important to have a meeting• Make it a safe place to say what you want• Not all meetings need to be the same length• Maybe a catch up meeting should be called “lunch” instead

“When” to Have a Meeting

• Depends on the why’s• Depends on the type – Example - Informational may be every day• New businesses – often• Difficult time – often• May vary on season. • One annual with all involved• After major changes• When you see something happen

“Why” Have a Meeting

• Communication• Education• Information gathering• Train younger members

• Decision making

Family Business Meetings:The Family Makes It Unique

Family Business

Ownership

FBO

FO EO

FE

The Three Circle Model of Family Business

Courtesy of: Dr. Holly Shrank, Purdue University

The “Who” of Family Business Meetings• Owners and officers• Key employees

• What about?• Spouses• Ex-spouses• Children – what age?• Family members

• Employed but without any ownership interest• Not employed and without any ownership interest

The “Who” of Family Business Meetings:Role of Outsiders

• Have outsiders or not?

• Role• Facilitator• Voting• Informational• Non-voting but involved

• Tasks• Interview family members before hand• Pinpoint difficulties• Manage complex discussions

Family Dynamics

•Meetings may be more family than business – Not just business• Effective family communication important• Empathy, active listening

• Respect for each other, the ground rules, and the process• Everyone’s voice must be heard

Family Business Meeting Examples

Example 2: The Issues

What Son/Daughter Want• Get started• Start where mom and dad left off• Take risk• Enthusiasm, Try new things!• Expand operation, invest• Buy machinery• Buy Land• Utilize Mom and Dad’s Financial Position• Have more time off

What Mom and Dad Want• Slow Down, more time off• Getting Tired• Minimize Risk• Protect assets• Pay off debts• Get Son/Daughter to work harder• Take less responsibility – more to S/D• Don’t want to give up control• Son/Daughter should start where they did 35 years ago

“Where” to Hold the Meeting

• The old homestead has baggage• Costs and travel time• Family retreats – Plan special activities • Shared meals and time together – Some• Recreation opportunities• Team building – to a point

Effective Meeting Tips• Don’t start with meetings. Start with conversations, lunch, coffee

breaks, etc.• Traditions – food, religion, good news, family history, etc. • Set ground rules• Time limits• Outside facilitation• Split meeting – Discussions and Decisions

Effective Meeting Tips• Use outside 3rd parties for information and expertise• Don’t have them stay for the entire meeting

• It’s as much about listening as it is about talking• The more inclusive, the better• People in a room does not make a meeting• Develop your reserves – Build a bench. Crucial for family businesses.• Don’t assume anything

Remember!

• What happens in the meeting stays in the meeting• Open and honest conversation must be allowed• Issues are constructively challenged

Meeting Killers

• Purpose unclear• No agenda• Try to accomplish too much• Starts late• Too many people• Leader loses control• One person dominates• Go back over old items• No clear direction reached

• Don’t have time• Last too long• Mostly irrelevant• Too many• Too much side talk• Poor preparation• Lack of listening• Lack of participation

Video

Glenn MuskeRural and Agribusiness Enterprise Development Specialist

Glenn.Muske@ndsu.eduFebruary, 2015

Family Business Meetings

Questions!!