Fatima Muhammad
JEDDAH — Specialists called on the need to establish a family business charter and strengthen the relationship between family members and develop commercial planning in order to have strong family businesses. They highlighted the role that strong family relations play in establishing sustainable family companies.
Family business experts were talking in a forum held in cooperation with the Ministry of Commerce and Industry and the Jeddah Chamber of Commerce and Industry here in Jeddah.
The third session of the forum focused on sustainable family business. Sami Al-Salman, CEO of Sulaiman Al-Rajhi Investment Company, said it is essential to enhance family relations and highlight individual rights and responsibilities and manage the business in a way that meet the company's goals and insure its growth and development.
Salman suggested that sticking to a family charter is crucial to plan family business and exchange experience and pass them to future generations. This charter also solves much of the disputes among family members.
Speakers also highlighted the need to have a special committee that names board members. They suggested at least one meeting each year. Specialists also highlighted the positive role of involving women owners in the job as well as providing training and education for members.
The family companies need to have social responsibility that allows integration between family members, noted Hisham Mihdar, a board member of SEDCO Holding Group. He also stressed on the importance of having a family council that takes care of family member issues and a general assembly that follows the development of the business.
The forum targets family business owners and board members, regional and international funds and consultation and education establishments.
