Family governance is often the go-to for organizing a family business—and preempting conflict. But it’s not necessary for every family. There are four things to consider before committing to governance structures.
The first thing to consider is the size of the family, including how many family members are involved in the decision-making. For a family with minimal decision-makers, then governance structures may not be necessary. But for larger families, formal structures may help the family better achieve alignment—and make efficient decisions.
You can read about the other three factors in this article.
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