Many multigeneration family businesses rely on governance structures to keep their growing family aligned. However, once governance structures are established, the family rarely revisits the structures’ purpose. As a result, the family governance remains stuck in the past, never evolving, even as the family’s needs change.
When a family business fails to regularly evaluate its current governance system, then its decision-making languishes and accountability vanishes. Regular assessments ensures that your governance structures and processes fit today’s needs—and anticipate tomorrow’s, too.
This article provides five questions every family should ask when assessing family governance systems. These questions will help you determine if your family business is positioned for unity and long-term success.
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