Good family governance helps maintain the glue that binds a family to each other and to their shared interest in the family enterprise.
This includes family members who are not owners and those who do not work in the enterprise but whose health, wealth and happiness are affected by it.
“Family-controlled companies should establish family governance mechanisms that promote coordination and mutual understanding amongst family members, as well as organise the relationships between family governance and corporate governance.”
How do you get started?
The following questions will help start a discussion about family governance:
What do the wider family need to know about the enterprise?
How do family members get a job in the family enterprise?
What involvements can spouses and partners have?
How can you develop and train the next generation of owners and leaders?
Can family members use assets belonging to the enterprise?
How do you share confidential information about the enterprise among the family?
Can family members contribute in non-business roles, such as ambassadorial duties or by being involved in philanthropy?
How do you address any family conflicts that might affect the business?
Browse and Borrow:
The Goals and Tasks of Family Governance
Family Assembly and Family Council
Coming soon…
A Vigorous Family Council
When the Workforce is Your Family
Who are Your In-Laws?
The Chief Emotional Officer