Operating a business involves multiple parties, each of which have passionate opinions regarding processes, plans, goals, and priorities. When governance policies are not in place, mismatched expectations can create significant stress amongst the family and business. This is where experienced family business advising because an invaluable tool for creating a succession plan that’s going to be beneficial for everyone, especially you.
Why Is it Important?
- Establishing the forums and processes for optimal family communication regarding business and estate issues provides the foundation for strong business that can be sustained through multiple generations.
- “Families” comes in all forms, shapes and sizes including in-laws, cousins, children, stepchildren, business partners and employees. Governance establishes boundaries and requirements as to how family members are permitted to interact with the business.