All business-owning families already have governance in place—to a certain degree. But, more often than not, existing governance is ignored or overlooked. Here are six steps for advisors to help a business-owning family get back on track with governance.
The first step is to provide new corporation or LLC documents with guidance on governance activities that are both required and recommended. For example, outline whether a board of directions must be appointed—and how the family can do this.
For the other five steps, read “Six Ways to Improve Family Business Governance.”
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