Family Governance

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Family Governance

Family Governance is a topic that most families are reluctant to address. It covers two broad topics: governance of the business and of the family. Most family businesses, especially in the formative years, take on the characteristics of the founder or founding family. Although this entrepreneurial model works for an early stage family owned business, as the company grows in size it needs gradual evolution to a different, more professional model. Boards of Advisors and professional management are two ways to improve performance of the business and family systems.

Most families find there is a need to formally discuss family issues like estate plans, family business leadership transition, and family fairness. Among the best venues to do this are Family Councils, Family Retreats, and formal Family Meetings.

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DISCOVER

Assess the unique needs of your business and family to develop the perfectly tailored approach.

DESIGN

Design a custom plan to maximize the strengths and minimize the weaknesses of your family business to allow you to achieve long-term success.

IMPLEMENT

We’ll walk with you every step of the way to implement your plan so your family can enjoy and extend your family legacy and prosperity.

BOARD OF ADVISORS
When the family business grows so the leader finds that it is beyond his sole expertise to handle all aspects of the company, it is usually time to form a Board of Advisors. A well conceived and run Board of Advisors can be invaluable to a company – many say that the most important step in their company’s growth and evolution was the addition of a Board.
PROFESSIONAL MANAGEMENT
Although family businesses often desire that key management positions are staffed with family members, sometimes they are not interested, not qualified, or are engaged in other worthwhile vocations. This is the time to hire professional managers who bring their experience and business acumen to the family business. Professional managers often improve overall performance and are also useful in providing “bridge management.” For example, when the next generation of family leaders is not quite ready to take on senior management roles, bridge managers can provide a connection between generations of family along with mentoring, guidance, and coaching.
FAMILY COUNCIL
Family Councils provide families with a vehicle to entertain family projects and resolve theory issues. Some of these include developing entry criteria for new family members to enter the business, chronicling the family history, and ensuring that family fairness is considered in business or wealth management decisions.
FAMILY MEETINGS
Formal, scheduled family meetings provide family members with information about the status of the family and the family business. Family members can re-connect with one another, and family issues can be discussed constructively rather than left to fester into larger issues.
FAMILY RETREATS
Family retreats are conducted over two to four days at off site locations. They provide a neutral venue to discuss family and family business.
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