Breakout sessions
5th Annual Conference: Family Business Network USA
The Balance Point System: A New and Practical Way to Align the Interests of Managers, Owners and Family Members, 1:30 pm
Larry D. Hause, J.D., fellow, Family Firm Institute; member, Attorneys for Family-Held Enterprises; co-founder, The Board School; and co-author, “The Balance Point: New Ways Business Owners Can Use Boards”
Iris H. Cornelius, Ph.D., founder IAM Resources
Every family business transition involves integrating and aligning the interests of management, ownership and the family.
In this session, Larry Hause and Iris Cornelius will expose participants to fresh thinking and practical ways, including the Balance Point System, to align those interests. The presenters also will discuss the role that the board of directors plays in establishing continuity in the family business.
Changing the guard: preparing the next generation for ownership and leadership in the family business, 1:30 pm
Dr. Torsten Pieper, Kennesaw State University
A committed and well-trained succeeding generation is critical for the survival of the family business. But what exactly can family businesses do to prepare the next generation for future ownership and leadership roles? What strategies work best? How can they help in creating and sharing a vision for the family business? How can they be institutionalized, as family and business grow larger over time?
This session draws on case studies of large multi-generational family businesses and highlights their strategies for training next generation members. Implications and guidelines for small and medium family businesses will be discussed and enriched with examples from the audience and prominent family businesses around the world.
The Family Constitution: Articulating the Family Business Vision, 1:30 pm
Andrew Keyt, executive director, Loyola University Chicago Family Business Center, President FBN USA
As a family grows, keeping an increasingly diverse group of shareholders devoted to a common mission and vision is difficult. Governance and policies often focus on "getting things done" and can be reflective of old conflicts rather than emanating from the vision of where the family woudl like to go. Use of a Family Constitution can help educate shareholders, articulate the family's core values and beliefs, and set expectations regarding the future of the business.
This session will explore the key components of the family constitution and how it can be used to increase family unity.