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.
BOARD OF ADVISORS
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