Family Enterprise Check List


This Checklist was developed by the partners of the VESTA project as a “guiding tool” to support family enterprises in asking the right questions about business functions, family aspects and governance issues. Far from being exhaustive and complete, this Checklist is designed as a user-friendly tool for easy consultation and use by staff members of family enterprises.

Each company is different, and each family is unique: this makes each family enterprise special, with distinctive and peculiar characteristics that cannot be captured by one single tool or framework. By asking straightforward questions, this Checklist can spur internal debate, exchanges and brainstorming on business and family aspects of family enterprises.

Business

Yes No Don't Know

Strategy: we as a company have a medium-term growth strategy

Yes No Don't Know


Values: family principles and values “inform” our enterprise and all family members are aligned with those values

Yes No Don't Know


Communication is open and functional in spite of family ties (internal communication within the staff, both family and non-family members)

Yes No Don't Know


Hiring: clear, transparent and based on function and qualifications

Yes No Don't Know


Human Resources: fair and impartial HR attitude towards all staff members irrespective of family relations

Yes No Don't Know


Do we need / want / have non-family managers for specific business functions

Yes No Don't Know


Training: there is a culture of training open to all enterprise’s employees

Yes No Don't Know


Financial Management: clear distinction between company and family assets

Yes No Don't Know


Family

Yes No Don't Know

Family members share the corporate culture and values

Yes No Don't Know


Family members drive the culture of growth, innovation and entrepreneurship, also with non-family members

Yes No Don't Know


Family members are welcome to join the enterprise

Yes No Don't Know


We have rules/conditions for family members to enter the company

Yes No Don't Know


We have clear mechanisms for the exit from the company (voluntary or not) of family members

Yes No Don't Know


The roles, functions and responsibilities among family-members are clearly defined

Yes No Don't Know


Family members’ performance is assessed using the same mechanisms used for staff

Yes No Don't Know


We already have a succession plan

Yes No Don't Know


We have a plan to train the successor(s)

Yes No Don't Know


Family members communicate effectively across business functions regardless of any family issues

Yes No Don't Know


There is conflict / friction between family members

Yes No Don't Know


There is conflict / friction between staff and family members

Yes No Don't Know


Conflict management/resolution mechanism in place to anticipate issues among family members

Yes No Don't Know


We are a gender-neutral company (female members of the family are encouraged to join company)

Yes No Don't Know


Our family experience and values translate also in Corporate Social Responsibility (inclusion, disability, environment, etc.)

Yes No Don't Know


Governance

Yes No Don't Know

Legal aspects of the company consider the “family dimension” and are thus adjusted

Yes No Don't Know


Shareholders’ agreement clarifying functions, roles, responsibilities, expectations is available

Yes No Don't Know


The relation between the family and the enterprise is clearly defined, and described in a formal document

Yes No Don't Know


We hold family meetings to discuss business issues and strategy, on a regular basis

Yes No Don't Know


We need a “Board of Directors”

Yes No Don't Know


We consider and integrate opinions from non-family members

Yes No Don't Know


We have a survival strategy independent from family succession

Yes No Don't Know


Our company is audited/checked for efficiency regularly

Yes No Don't Know