Journey Map
The Family Journey and the Enterprise Journey in the circle chart below show you some of the important steps that you may need to take on your own journey. Not sure where to start? Each step, presented as a clickable tile, includes thoughtful questions to help you begin. And the Personal Journey in the center covers the questions each individual needs to consider regarding the role they want to play as part of an Enterprise Family.
Click the tiles to view relevant questions to ask yourself and family. Then, assess whether you are an enterprise family.
Personal Journey
- What are your personal core values and guiding principles that govern your life’s direction?
- How has your history shaped your worldview and belief systems that inform your actions?
- What are the internal and external driving forces that have the greatest impact on your life options and choices?
- What is your most aspirational long-term life vision?
- What are the goals and actions steps needed to fulfill your vision?
- What level of participation and specific roles in the Enterprise are you interested in now and possibly in the future?
Shared History and Values
- What are the core family values that the family feels are important to preserve?
- What are the guiding principles that will sustain the family going forward?
- What historical family patterns are most important to carry forward and which ones should be left behind?
Responsible Ownership
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- What is the family’s definition of a “responsible owner”?
- What active versus delegated ownership roles are needed in the family?
- What rights, roles and responsibilities come with different levels of ownership participation?
Leadership Development
- Are leadership roles and expectations in the family clear and understood?
- How are prospective leaders in the family identified and developed?
- What is the performance evaluation and feedback process for family leaders?
Transparent Decision-Making
- How are decisions made and communicated within the family?
- Who is given a voice, a vote and veto authority in the family’s governance structure?
- How does the family ensure that the decision-making processes are considered fair and trustworthy?
Family Charter/Handbook
- How does the family formalize and codify its vision, values, policies and other agreements that support the family’s unity and sustainability?
- How does the family ensure accountability for adhering to the policies and agreements in the Charter?
- What process does the family have for periodically reviewing and modifying the Charter elements as the family grows in diversity and complexity?
Continuous Learning
- What are the unanswered questions and topics of interest on the minds of family members and how can a systemic process for addressing them be created?
- What learning programs are needed to develop prepared, engaged owners and contributors to society?
- How does the family support the learning and development goals of its individual members?
Meaningful Engagement
- What levels of engagement exist across the family and could participation be made more desirable and fulfilling?
- What level of spousal inclusion and engagement does the family’s culture support?
- How might engagement in the Enterprise shift over individuals’ various life stages?
Family Alignment of Interest
- What are the compelling reasons for the family to stay together into the future?
- What are the strongest shared interests in the family?
- How does the family organize and set goals around those shared interests?
Shared Vision
- What are the possible scenarios the Enterprise may encounter in the future?
- Has a process been established to ensure all family members’ input is included in defining the shared vision?
- What is the shared long-term vision for the Enterprise and the goals and strategies to support it?
Leadership Skills
- What leadership skills are needed to lead the future Enterprise?
- What are viewed as the key indicators of leadership potential by the family?
- Are there clear job descriptions in place that define leadership roles needed?
Leadership Succession
- Is there a formal succession process that the family is committed to follow?
- Have qualifications for leadership been spelled out for potential candidates?
- Has a timeline been established for implementing succession transitions?
Governance Process
- What governance structures best support the shared vision for the future?
- What mechanisms for accountability are in place for each layer of governance?
- What are the board’s roles and responsibilities for overseeing the Enterprise?
Ability to Exit the Enterprise
- Do Enterprise investors have the option to exit and have clear policies been provided to all owners in writing?
- Is there an equitable process for evaluating the assets that are being distributed?
- Are family members allowed to remain part of other family activities once they exit from family investments?
Enterprise Charter/Constitution
- Has an Enterprise Charter been written to document eligibility and policies for participation and resolution?
- Is there a definition and description for each section of the Charter?
- Have all investors in the Enterprise read and signed the Charter document?
Performance Metrics and Measurement
- What metrics and processes will the family use to measure Enterprise success?
- How often does the Board measure performance against goals and communicate results to the family?
- How frequently are the family’s views on performance satisfaction collected from the owners?
Complexity of Structures
- Does the family understand the factors that create complexity in their Enterprise?
- Have Enterprise leaders proactively discussed the degrees of complexity they are capable of managing?
- Is there a clear understanding among family members of how the assets are owned and who has decision-making authority?
Allocation of Capital
- How will scarce resources be allocated in a strategic manner to incorporate new opportunities and risks into the analysis?
- What is the Enterprise philosophy and methodology for prioritizing the use of investment capital?
- Is there a clear explanation made to managers abut how the alternatives were evaluated and prioritized?
Desired Impact in Business and Community
- What is the family’s identity that they hope to project in the community?
- What is the family’s desired impact in the community and society?
- What principles does the family want their business(es) to stand for?
Opportunities and Risks
- What are the known opportunities and risks that will impact the future Enterprise?
- Is there a process to analyze risks and sort them into a priority order?
- Are there formal processes in place to assess and mitigate Enterprise risks on an ongoing basis?
Enterprise Goals
- What are the most important goals agreed to by the family?
- What strategies are needed to implement future goals?
- Is there a clear commitment from the family members to support the goals and strategies presented to them?