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.
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.
Symptoms of a Family Governance Problem:
- Conflict amongst family members
- Undefined path for family members to enter or interact with the business
- Mismatched expectations
Download the Family Governance section of our Succession Matrix® guide.
See how your business compares to best practices in our printable guide complete with worksheets and additional insights.
What are the issues impacting the value of your business?
Contact us to schedule a Phase I diagnostic assessment of your business to find out.