What leadership, management, and governance best practices have the firm and the owning family already implemented? How do they seem to be working? Several successful practices are demonstrated in the Ferre Media Group case. The first and the most important one is harmony between siblings, between family members, and between family members and non-family members. If tensions arise, they would rather solve them civilly than angrily. As learnt in chapter two, lack of information within members is an indicator of an unhealthy family business.
At Ferre Media Group, it is fundamental to be informed and engage in the business as much as possible. What I admired about Antonio Ferre & Luisa Rangel is the commitment to keep the business intact for many years to come by teaching their children about business from a young age. They made sure their children get engaged in the business to prepare them for the future of the corporate. The children had the best education and attended the best schools. In addition, an absence of double standards is visible by this quote “Plenty of love, equally distributed”.
They were all treated similarly. Family council meetings are another vital and core key. The family members met once per month. They discuss, listen, communicate, and tolerate (different views). They review the various ups and downs and how to better resolve them. The meetings include planning activity and performance feedback. I fully agree with this point. They should be aware of the events taking place and the direction the company is heading to in order to avoid negative decision-making.