The ownership council should only be used to discuss issues relevant to the ownership of the business, such as vision and strategic planning. If there is an issue that involves broader family who are not owners, then a family council meeting would be a better option. While the owners make the final decision, it is often wise to consult with the broader family when major decisions are being made. Executives and Employees also need to be informed of decisions made by the ownership group, so holding a board and a management meeting might be recommended at that stage.
Ownership
Council
Owners/Shareholders
Example: Ownership Council
This group needs to define the vision of the company, and can make decisions based on a majority system
Family Council
Family and In-laws
Example: Family Council
This group needs an agreed upon code of conduct, and operates on a consensus basis
Management Team
Employees
Example: Management Team
This group is informed of the vision and strategy, and is responsible for enacting it throughout the company
