ILMA Compoundings - August 2020 - 30
BUSINESS HUB
Beyond Check-Ins: Other
Uses for Virtual Meetings
By Aileen Miziolek
T
here are many ways to use virtual meetings that go beyond a
check-in and update meeting.
As family business consultants, we've
used virtual meetings in ways we had
never anticipated before the time
of social isolation. Here are a few
applications and ideas that have been
particularly successful.
OWNERSHIP ALIGNMENT
AND OWNERSHIP TRANSITION
MEETINGS
COVID-19 has not changed the
reality that many businesses are
currently in the midst of ownership
transitions. In fact, for many, the
economic fallout may mean a
temporary drop in business valuations,
and this can create an opportune
time, from both a tax-planning and
strategic-planning perspective, to pass
ownership from one generation to
the next. Ownership alignment and
collective clarity on goals with respect
to growth, risk, profit and liquidity are
extremely important to stakeholder
decision-making. I've been facilitating
many virtual meetings focused on
creating ownership alignment and
have seen sibling and cousin teams
find common ground and agreement
where they would have not thought
possible before the crisis.
Biweekly virtual meetings can be
particularly effective for this purpose.
This cadence and frequency can
provide the right blend of focus and
forward momentum, balanced with
time between meetings to reflect and
be intentional. In all meetings, there
30
AUGUST 2020
| COMPOUNDINGS | ILMA.ORG
is a mix of extroverts and introverts,
and good facilitation strives to engage
both for their valuable contributions.
Shorter virtual meetings may help
level the playing field between these
two styles. Since introverts tend to
need time for reflection, thoughtfulness and quiet listening, the time
between meetings can help introverts
collect their thoughts and may
empower them to engage in discussions with greater ease.
So far, we've seen virtual meetings
work very well for business owners
who are extraordinarily busy putting
out fires and pivoting to each day's
http://www.ILMA.ORG
ILMA Compoundings - August 2020
Table of Contents for the Digital Edition of ILMA Compoundings - August 2020
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ILMA Compoundings - August 2020 - 1
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