Family vs. Business Meetings, What's the Difference?

Please be aware that the following information provided are recommendations however, every business or family dynamic is different and adjustments may need to be made.

On most farming operations there are multiple family members involved in everyday operations. It is important to hold both business and family meetings to accomplish items. It is imperative to ensure these are also kept separate. There are a few key differences between business meetings and family meetings. Let’s explore some of them.

Business and family meetings have different answers to the questions who, what, when, why and how.

Who? Family members are the only individuals who should be present at family meetings. Business meetings can include a multitude of people. You may need to invite advisors, accountants, employees and managers of the operations, veterinarians, or other key stake holders within your business.

What? Business meetings tend to be a more formal gathering while family meetings are more personal.

When? Business meetings need to occur at minimum, monthly. Depending on your business you may choose to hold meetings more often. This can change based on duties and time of the year, however it is key to hold at least one meeting a month. Ideally, these meetings should be no longer than 60-90 minutes. Family meetings should occur at least quarterly. Again, this may fluctuate from time to time, but you should always plan to have at least one every three months. There are often more emotions and personal elements involved in family meetings, because of this, you may need to plan for 90 minutes to two hours. This can range based on topics and the number of people involved. These meetings can often become long and drawn out, try your best to stay on track with your agenda.

Why? Business meetings should be used to focus on operational, financial and strategic aspects of the business. On the flip side, family meetings should be utilized to discuss farm operations, long-term issues, transition planning, family roles, personal concerns and family dynamics.

How? A business meeting should contain a more structured agenda that covers budgeting, resource allocation, performance reviews or project management. A family meeting has a less structured agenda and may involve some difficult conversations. These conversations could include inheritance, legacy and family relationships.

Initiating a meeting, business or family, can be stressful, especially if this is a new concept for your operation or family members. However, they are important to implement to aid in accomplishing goals. For a business meeting it is important to send out the agenda in advance. This allows attendees to review and prepare. It also give them a chance to ask if they can add something specific they want to discuss at the meeting. For family meetings, discuss the importance of the meeting in advance. Be sure everyone understand the purpose of the meeting and is aware of how important it is. It is also important to make sure the time and date is conducive for everyone. Check schedules and try to accommodate to them so everyone can be present.

Meetings are important to any business and family. They allow key individuals to gather and determine what your goals and plans are. When working through these meetings remember to be respectful, open minded and stay in line with the goals you have set in place.