Family Meetings: A Competitive Advantage for Family and Private Businesses
A preview of the thinking I bring to our May 12 Private Wealth Briefing, drawn from decades of work with our client families and the steady discipline I have practiced in my own.
By Terry Horan, President and CEO, HORAN Wealth, LLC
On May 12, I will sit down with Tom McCullough, Founder and Chairman of Northwood Family Office, at Hyde Park Country Club for a candid fireside conversation on the questions that most shape the lives of wealthy families. These are the conversations I have been having for decades; with the families I serve and with my own. What follows is a preview of one of the most important things I have learned about keeping a family strong as wealth grows.
“The hard part isn’t sustaining the business. It’s keeping the family connected as the business and the wealth grow.”
I’ve spent decades working with family and private businesses, helping them plan, grow, and transition leadership and ownership from one generation to the next. I also lead my own family through this same work, as both a business owner and the head of a family with significant wealth to steward. That firsthand experience reinforces what I see repeatedly: a strong business and a strong balance sheet are not enough. Without shared understanding, the long-term legacy is at risk.
Why family meetings matter
Most families are not as prepared as they think. Statistics consistently show that family wealth, and often family enterprises, dissipate within three generations (Fiducient Advisors, “Preparing Heirs for the $84 Trillion Wealth Transfer,” September 2, 2025). The cause is rarely poor business performance. It is a lack of preparation, communication, and education within the family. Sustaining wealth and sustaining a family are two different challenges. Family meetings create the space where stewardship skills are learned, and values are carried forward.
Family meetings are a strategic discipline
Family meetings are not about controlling outcomes. They are about creating shared understanding.
When held while the senior generation is still actively involved, meetings allow values, principles, and decision-making frameworks to be shared openly rather than assumed. They help prepare the next generation long before leadership roles or ownership responsibilities are transferred. Over time, this habit builds trust, reduces confusion, and strengthens continuity.
What successful meetings require
Include spouses, children, and extended family members as appropriate, with the third generation brought in based on maturity and readiness. Many families also benefit from a trusted advisor to guide discussion and maintain focus.
Meet at least once a year, or even twice in the early years. What matters most is consistency. Capture clear notes, decisions, and agreed action steps so progress continues between meetings.
A practical agenda focus
A typical agenda includes:
A reminder of why you are meeting
Hopes for the next generation
The values you want to transfer
Updates on the business and ownership
Guided discussion and questions
Family stories: what shaped the family, what shaped the business, and what behaviors you want to carry forward
A fun event: build in something enjoyable for the family, whether that’s a shared meal, an outing, or a family tradition
Keep the meeting itself short and focused. Two to three hours is often enough to cover what matters without losing energy or attention. Families that enjoy being together are far more likely to keep showing up, year after year.
The long view
Every generation wants to know they made a difference. For family business owners, that desire shows up as a hope the next generation builds on what came before. Family meetings help make that possible.
Warren Buffett is often credited with saying, “Someone is sitting in the shade today because someone planted a tree long ago.” For family and private businesses, family meetings are one of the most important ways to plant that tree.
Reserve Your Place at the May 12 Private Wealth Briefing
The Spring Private Wealth Briefing takes place Tuesday, May 12, 2026, from 4:00 to 7:00 PM at Hyde Park Country Club in Cincinnati. Seating is limited and by invitation only. Please include your spouse, children, grandchildren, and business partners in your RSVP.
Submit your questions in advance. The fireside chat is built around the questions our attending families are actually asking. Terry and Tom will address submitted questions directly during the evening. Send yours to PrivateWealth@HoranWealth.com.
For an invitation or to RSVP, please contact your HORAN advisor or email PrivateWealth@HoranWealth.com.
About Terence L. Horan, CLU®, ChFC®, CAP®
Terence L. Horan is President and Chief Executive Officer of HORAN Wealth. He has spent his career building people, systems, and culture to help families, business owners, and multi-generational private wealth clients create productive and abundant lives across generations. His leadership is grounded in discipline, values, and The HORAN Way, 27 Fundamentals that guide how the firm serves clients and builds a lasting legacy.
About HORAN Wealth
For over 75 years, HORAN Wealth has guided businesses, families, and investors through their financial journey, so they can live more abundantly and productively, now and for generations to come. As one of the largest independently owned advisory firms in Cincinnati, HORAN Wealth is a trusted fiduciary with a growing national footprint, overseeing nearly $4 billion in assets under advisement, with offices in Ohio, Kentucky, and Pennsylvania.
Disclosure
Securities offered through M Holdings Securities, Inc., an unaffiliated registered broker-dealer, member FINRA | SIPC. Investment advisory services offered by HORAN Wealth, LLC, registered with the U.S. Securities and Exchange Commission. Not FDIC Insured | No Bank Guarantee | May Lose Value
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