Put it in Writing: ... don't rely on your memory
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Put it in writing” is some of the simplest, wisest advice I’ve been given. Here are several examples:

– Putting her end of life wishes in writing, made the difficult decisions at the end of my mother’s life much easier.

– Putting in writing what I want my legacy to be resulted in the publishing of my sixth book, LegacyLine … how to tell your story with a timeline.

– Putting in writing the small loan and repayment terms my teenage daughter asked me for taught her an important life lesson.

Putting in writing the priorities of a family business is wise.

I recently facilitated a meeting for all the family members of a privately owned business. They realized that it was important to discuss, agree and put in writing how they want the business to be run for generations to come.

They put in writing how often they will meet and how decisions will be made will prevent fights and feuds in this and future generations. That 1-page family governance document, created in a 1-day offsite meeting, also included financial goals, and philanthropic policy. A governance document may also include the business’ succession plan or how & when profits will be distributed.

This short video of the members of a family-owned business demonstrates what can happen if the policies for governing the business are not put in writing.

If you’d like more information on a 1-page family governance agreement for your business, CLICK HERE.

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Tom Pryor
TomPryor@ICMS.net
(817) 475-2945

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