LBF Advisory begins each engagement with a Discovery Phase. During this stage, the LBF Advisory team interviews family members, as well as key senior executives and trusted advisors, to understand the enterprise system’s strengths and challenges. The team also reviews all relevant documentation as part of this process. LBF Advisory then presents the owners with a comprehensive assessment of the family enterprise system, and together we align on priorities and chart the path forward.

Having trained at Banyan, LBF Advisory strongly believes in the value of the Four Room Approach and in establishing structures that support effective governance. The Four Rooms—Owner, Board, Management, and Family—create clear boundaries for discussion and decision-making, ensuring the right people are engaged at the right time and in the right setting.

After reviewing the assessment, we partner with the Owners to define a clear roadmap—identifying the priorities we will tackle together and establishing a meeting cadence that best supports informed decision-making. Most often, Owners meet quarterly to discuss and align on Owner-level matters, which may include Owner strategy and financial guardrails, reviews of the business and/or board of directors, distribution policies, and decisions related to buying or selling business entities. In our experience, family enterprises that meet consistently and communicate well are best positioned to thrive across generations.