Family forum definition

A family forum is an organized structure which allows all the stakeholders in the family -- those who stand to gain or lose, depending on the success or failure of the company -- to come together to learn about the company. The whole family can then contribute their own ideas and concerns, especially regarding company policies that affect family participation in the company.

This structure, when used wisely, is the single-most effective tool owners can use to prevent future family conflict. It provides family owners with a structure and the opportunity to assess the current performance of the company and its management, and to raise questions directly before misinformation is released.