Engaged Ownership: A Guide for Owners of Family Businesses | Part III

You can listen to the Engaged Ownership audiobook through Apple Podcasts or wherever you get your podcasts.

Part III: Practicing Engaged Ownership

Part III of Engaged Ownership lays out the practice of engaged ownership, and how owners do the work of developing and maintaining engagement. It discusses the purposes and benefits for creating forums for decision making—board of directors, owners council, family assembly—and why each is important for identifying and carrying out the unique goals and responsibilities of owners, board, family, and management. Part III lays out a process for allocating decision-making power among owners, board, and management, and how the nuances of decision-making—agenda setting, the right to be informed, the right to be consulted, veto power, etc—play alongside the power to make the decision.

Once power has been allocated, it is vital to have effective vehicles for decision-making: meetings. The quality of decision making is contingent upon the quality of the meetings that preceded the decision. Part III describes how to plan and implement more effective meetings, and how forums can work together to produce greater results.

Lastly, Part III discusses policies: circumstances that warrant the development of a policy, common policies for family businesses, and how policies can improve decision making over the long term.