I work with a lot of family businesses. While 62% of businesses in the world are family-owned, media and TV shows often like to trash them because they can be difficult.
We, however, like to highlight the positives and support businesses that want to keep the business in the family. We believe the most successful families are the ones that build multi-generational wealth, rather than just taking the "sexy" option of selling for a big pot of cash.
To do this, we host retreats designed to get business owners and their families out of their day-to-day element to focus on the big picture.
One Family
One recent retreat was in Park City, Utah, with a long-time client and friend. We had already optimized their business, doubling their revenue and net income in 18 months.
This retreat was about creating transparency for the rest of the family. We spent half the day focused on the business and half the day on the family, working on vision casting and succession planning.
This means asking the tough questions, like what happens if something happens to the primary earner? Do we have trusts, wills, and insurance policies in place?
Here are some pictures from this retreat.
Group Leaders
The second retreat was in Ellijay, Georgia, with a group of leaders from several different families.
This was a multi-day event focused on business strategy, but we also made sure to have fun. We went fly fishing for trout and went river rafting with tubes down the Cartecay River.
We had dinner, there was a band playing, and the kids were all playing together in a big park. It was very casual and chill.
The Goal
The main point of any retreat is to get everyone out of their "work mode" so we can focus on dreaming and vision.
We want to define what they actually want to do on this earth and with their family, versus just doing what social media tells them they should be doing.
It's not about waking up at 4 AM to read five books; it's about finding the vision that aligns with who you truly are and then backing into that with a plan.
Family Intentionality
A word we use a lot is intentionality. We help clients apply business discipline to the family structure. We do the same thing for businesses, so why not do it for your family?
We help them kick off weekly family meetings—just like a business meeting—to plan the week. Who is taking the kids to school? When is date night? Do we need a babysitter? Are there big expenses or trips we need to budget for?
Conclusion
These retreats, whether for one family or a group of leaders, are about reconnecting with the bigger vision. Most of our quarterly check-ins are virtual, but these big annual retreats are done in person because it's essential to step away to gain perspective.
By focusing on intentionality and applying proven business structures to family life, we can help clients build multi-generational wealth that aligns with their values and stands the test of time.
If you run a family business, I encourage you to think beyond the numbers and start building your family's vision.