Family businesses which thrive for several generations invariably have a family business governance framework in place. Each family is unique and every business is different. So too is every family business governance framework. This bespoke system seeks to unite the family and the business.
From a family perspective it can provide family members with a forum to raise and discuss any issues of concern. It allows the family, particularly those members not working in the business, to better understand it, its performance, systems and strategies. It encourages effective communication on issues relating to the family business and beyond. It helps provide the family with clarity on matters which impact them and the business, such as succession planning and ownership. It encourages philanthropic activities, as well as the sharing of new ideas for the family and the business.
From the business operational perspective, it allows for a forum for communication between the directors/ management of the business and family members. It provides all stakeholders with awareness and guidance on the family’s mission statement, values and objectives. The aim is to ensure a consistent strategy and vision. It will also encourage mentoring of future generations for roles and responsibility within the business and the family’s wider philanthropic or other interests.
A family business governance framework provides continuity and certainty within the family and the business, it promotes the family’s culture and core principles within the business.
We have been working with families and their businesses for a long time. We deeply appreciate that every family business and family is different, indeed is unique. Family relationships can be complex and establishing communication and trust between its members and between its generations is critical. We believe our experience and know-how places us well to assist you in achieving the objectives faced with regard to establishing a family business governance framework which will help strengthen and evolve a strong family legacy.
For further details please contact one of our people below, who will be more than happy to assist.
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