Corporate governance is increasingly used by private companies to help them successfully navigate a dynamic and competitive business landscape. For a family business, however, developing and implementing governance policies and procedures can be challenging because of family dynamics. Issues around business strategy and ownership criteria can create an emotionally charged environment that makes decision-making and day-to-day management, difficult. If succession and power issues come into play, governance can be even more difficult.
Many family businesses have learned that a formal structure such as a family council can be extremely helpful when discussing sensitive issues such as ownership shares, rights and responsibilities, the competence of family-member managers, and how to reach mutual agreement on a strategy that is best for both the business and the family.
We can help you identify a structure that works most effectively for your family, develop governance policies and identify ways to communicate within the family that will help to improve your governance and preserve family harmony - setting the stage for the commercial success you are seeking.