Write Before the Fight (Part 3)

Since the first family meeting was successful, Amna was eagerly waiting for the upcoming monthly meeting. Even though she was back at the University for the completion of her degree, Amna was following up with the family members to execute the family meeting.

The second meeting was initiated with Amna’s acknowledgement of recognition by her father, Ahsan Wala. He said, “Thanks to Amna, I have realized the importance of family communication and that is why we have started meeting every month. It has allowed us to have discussions in a conducive environment – making it possible to work in an effective and with a mutual understanding way.” This comment by his father gave a boost to Amna’s confidence and encouragement to introduce and implement methods enhancing the family business work atmosphere. ?

She was prepared to put forward the point to formalize the Human Resources for Executive family members, which currently comprised of her father (Ahsan Wala) and elder brother (Ahmed Wala). Neither her mother (Aasiya Wala) participated in the business, nor was she inclined to do so. Both Amna and her younger brother (Arham Wala) were completing their university education, she was enrolled in a Law degree program while Arham was in his first year of software engineering from a local University. The eldest sibling, Ahmed, joined his father’s business during undergraduate studies, later on, he completed a Master's in Business Administration through the executive program with a major in Finance.

Looking at the educational background of all the family members, she wanted to structure the roles and responsibilities of Executive Family members. Amna explained the advantages of having the formalized written HR policies:

·???????? Roles will be delegated.

·???????? Responsibilities will lead to accountability.

·???????? Compensations will be planned accordingly, considering market equivalent packages.

·???????? Upcoming family members will know their future tasks within the family business and will align their careers accordingly.

·???????? The required gaps within an organization can be identified and filled out respectively.

Amna wanted policies like compensation, perks, responsibilities and reporting hierarchy should be documented in written form. The idea was talked about but deferred till the next meeting. At the end of the meeting, Amna highlighted that before the marriage ceremony of Ahmed Wala, the finalization of these policies will lead to his financial plans before the beginning of a new stage of his life.

Considering the deliberation among the family members for the formalization of their family-owned entity – it is imperative to have all the documents in written form. With the help of formalization within the entity, all crucial information and policies will be available in written form. Hence legalizing the functional viability of the firm will facilitate a formal governance structure within the family business.