A new practical guide to family councils has been launched by FBUK.
Written by Peter Leach, who is widely regarded as ‘the founding father’ of family business thinking in the UK, the guide aims to provide practical advice and support for any family business looking to establish an effective family council.
Family councils are a vital element of good governance within the structure of family businesses. Made up of family members, family councils form a vital connection between the family and the board.
They serve as a vehicle for educating family members about their responsibilities, it can help resolve family conflicts and play a central role in succession planning, ensuring a seamless transition of the business from one generation to the next.
Neil Davy, CEO of Family Business UK said: “One of my favourite expressions is ‘once you’ve met one family business, you’ve met one family business.’ Part of what makes each one different and special is how each family answers the question, ‘where are the boundaries between our family and our business?’
“Set up and managed well, family councils can foster effective dialogue and decision-making, promote stronger family relationships and help ensure the long-term sustainability of the family business. The purpose of our latest guide is to provide practical advice and support for any family business looking to establish an effective family council.”
The guide covers topics include Why have a family council, what a family council does, Its relationship with the Board and how family councils evolve as companies grow into multi-generational family businesses.
Featuring views and opinions from family council leaders at Bettys and Taylors of Harrogate and Covers Timber, the guide is available to download from the Member Resources area of the FBUK website.