Fairness: Establishing The Principles

Fairness is best achieved through transparency, clear process and participation.

If everyone knows on what basis decisions will be made, have had the opportunity to speak into the ‘rules’ and be heard openly, and can see how a decision has been reached, then you are on a sound footing to be fair and achieve harmony in the family.

  • Involve all family members that your decisions may impact early in the process.
  • Establish, explain and seek contribution to the basis/principles/values upon which you will make your decisions.
  • Explain to them what you are seeking to achieve, ask them to reflect and then provide you with their considered thought.
  • Consider the impact that your decisions may have on individual family members and discuss this directly with them.
  • Always keep everyone informed and maintain an open dialogue.
  • Make sure that you engage with and include your spouse/partner in these discussions as they will be one of your most trusted advisors.
  • Reach a decision after considering everyone’s input, seek to be fair, communicate it and if necessary, explain your reasoning.

#familybusinesssuccession #familybusiness

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