Family Business
Personal Advisory Circles (PACs)
Your Own Dedicated “Board of Advisors”
A PAC is a group of 8-12 FBAS members from different non-competing family businesses, and occasionally advisors, who meet monthly to support each other by sharing both personal and business experience in a confidential and supportive environment. FBAS provides excellent resource materials and moderator training, along with an annual grant for each PAC to help cover the costs of a PAC retreat.
Probably the most common challenge family business members face is isolation – it is often difficult to discuss problems with other family members. Also those outside the family business often don’t understand the unique challenges of a family enterprise, such as:
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Developing a continuity plan consistent with family values and traditions
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Family governance including managing family conflict, rivalry and communications
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Successfully bringing family members into the business
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Growing the business while maintaining family harmony
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Passing along vision and values to the next generation
This forum provides the unique chance to learn from a group of like-minded professionals and family business members. The most attractive benefit of FBAS membership for many is the PAC experience, which is considered worth the membership fee alone.
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Why join a PAC?
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The PAC’s serve as your own mini board of directors, supporting you in your challenges and opportunities as a family business. Members leverage the perspectives of other family businesses, industries and generations.
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We encourage all family business members to join a Family Business Personal Advisory Team. This is their unique opportunity to learn from each other, to work on their family business in a special way and to have the security of confidential discussions in a trusting and inviting environment. Many members of family businesses feel alone and these groups end the isolation because those in the group understand that operating a family business brings its unique challenges.
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The experiences from those who have been there on topics like working with the family, managing the business and succession are among the areas discussed.