Meat+Poultry - September 2020 - 26

INDUSTRY SUPPORT

"One of the
biggest threats
that we have
as family
businesses is the
dysfunctional
family, or a
business that can
implode because
of a lack of best
practices needed
to survive."
- DAVE MINIAT

family owned business needs to overcome.
Dividend distribution and education for family
members with careers outside of the business
have the potential for issues as well. The
complicated nature of governance presents its
own set of difficult choices.
Miniat put forth a set of questions just off
the top of his head.
"When do I need to create a board of
directors? When do I need to create an outside
board of directors that are not family? How do
I find them? How do I pay them? What roles do
they play? What form of governance? Should it
be an advisory board? A fiduciary board?"

SOLUTIONS

26

MEAT+ POULTRY | 09.20 | www.meatpoultry.com

Ed Miniat

Gustafson emphasized open communication
and putting the success of the business first
when addressing issues across generations and
differing visions of the future. And while every
company will deal with problems that arise in
its own unique way, having certain vehicles
and strategies for useful communication and
conflict resolution in place will help.
"Some people like to hire third-party
mediators or consultants to help be a buffer
and sometimes you just have to walk away,"
he said. "Sometimes people just can't get
past the emotion or whatever the situation
may be, so you've just got to walk away from
the table and come back when cooler heads
prevail. Also too, when you create a structure,
whether it's at a board level or a governance

level or an advisory board level, if there are
rules of engagement agreed to upfront and they
deviate, you refer back to those as a working
document. A lot of families will do that. They'll
have those rules of engagement, working
documents that govern and provide a roadmap
for how to deal with some of these conflicts."
Miniat cited his top three resources that the
Task Force suggests family businesses utilize.
These programs offered by top university
business schools and an international peergroup provide family owned, multigenerational
businesses with the education and tools
they need to survive and thrive in today's
business climate.
The Loyola Family Business Center
is a member of the Loyola Business
Leadership Hub within Loyola University
Chicago's Quinlan School of Business. The
Family Business Center provides a confidential
sounding board through peer advisory groups
made up of business-owning families, as well
as educational opportunities and events held
by the center. More information is available at:
https://www.luc.edu/leadershiphub/centers/
familybusiness/.
Northwestern University's Kellogg School
of Management provides family businesses
executive programs including interactive
lectures, case studies and group discussions
with peers facing family business challenges
similar to yours covering subjects such as
general management, finance and accounting,
governance, growth and innovation, leadership,
marketing and sales, operations and
technology, and strategy. More information is
available at: https://www.kellogg.northwestern.
edu/executive-education/individualprograms/executive-programs/fambiz.aspx.
The Family Business Network (https://www.
fbn-i.org/) provides the means to build more
sustainable businesses into the future through
a sales-free, global community with events and
safe spaces for peers to learn from, share with
and inspire one another in a variety of formal
and informal settings. NAMI and the task force
also work closely with The Family Business
Consulting Group (https://www.thefbcg.com),
based in Chicago. Consultants from the firm
are frequent speakers and presenters at NAMIsponsored events and are trusted sources in
MEAT+POULTRY's Family Business Focus
feature stories and podcasts.


https://www.luc.edu/leadershiphub/centers/ https://www.kellogg.northwestern https://www http://www.fbn-i.org/ https://www.thefbcg.com http://www.meatpoultry.com

Meat+Poultry - September 2020

Table of Contents for the Digital Edition of Meat+Poultry - September 2020

Meat+Poultry - September 2020 - 1
Meat+Poultry - September 2020 - 1
Meat+Poultry - September 2020 - 2
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Meat+Poultry - September 2020 - 4
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Meat+Poultry - September 2020 - VDG1
Meat+Poultry - September 2020 - VDG2
Meat+Poultry - September 2020 - 51
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