“Family Business Governance reduces the probability of failure of the family business and transforms it into a multigenerational legacy by choice”
Well designed family business governance structures prevent the trivial family issues from getting converted into larger family conflicts and unmanageable business issues.
For the family firms “ Governance is the means leading the family and the organization through mutligenerations with ease" .
Through the Governance structures, family relationships are aligned, roles and responsibilities are defined witth clear boundaries, wealth is managed keep in sync with the vision of the founder and the family value systems.
Family Governance structures help strenghten the emotional bonds, build core capmpetence in the business, and great ensure business success and family happiness.
The family constitution design helps the family businesses in the following ways:
Each dimension needs to undergo a formal process
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