A Quick Refresher On the Highlights of the Three Circle Model:
Family Circle
The Family Circle encompasses issues of the family, separate from their ownership and management duties. It includes the children and in-laws who do not have ownership and are not involved in the business. They may lack ownership, but they still have interests to consider. The Family Council and Family Assembly are the structures used to manage the Family Circle issues.
Ownership Circle
Shareholder meetings and Boards of Directors speak for ownership. The Family needs to give direction to the business through the annual shareholder meeting and the Board. The Board is the critical bridge between the business and the individuals in the family.
Business Circle
The Business Circle includes the strategic plan, management succession and contingency planning for the business. It is almost always the most evolved of the three circles.
The overlap between the Family and Ownership circles are the estate plans of the individual owners. The overlap between the Ownership and Business Circle includes the strategic plans of the business. Finally, the overlap between the Business and the Family are the continuity plans to assure the survival of the business. The interconnectedness and evolving nature of each circle creates layers of complexity to manage.
Many thanks for your post @Rahul Your post provides a clear and concise overview of the Three Circle Model and its key components, meeting the clarity criterion. It is primarily descriptive, explaining the different aspects of each circle and how they relate to family-owned businesses. The post does provide some analysis of the overlaps between the circles, showing an understanding of the interconnectivity and complexity of the model. However, it does not offer any synthesis of the information or provide any original insights or ideas. In terms of value-added, the post provides a useful refresher on the Three Circle Model, particularly for those who may be less familiar with the framework. The post is evidence-based, drawing on established models and frameworks. However, it does not provide any specific examples or citations to support its statements, which could be a concern for those seeking further information or looking to verify the accuracy of the information presented. In terms of areas of concern, the post does not provide any examples to illustrate the concepts presented, which could be a limitation in terms of providing concrete evidence for the ideas presented. Additionally, the post does not provide any specific citations to support its statements, which could limit its credibility and accuracy. Including peer-reviewed citations from credible sources could strengthen the post and provide additional value to the forum's community.