The goal of family governance is to establish a sustainable family structure in relation to the family business. The main purpose of family governance is to define how a family-owned company is to be run once more generations get involved and/or more family members become active within the family business. It covers such questions as to how business decisions are taken in such case and how the company’s future strategy is to be set out. A good family office can assist you in putting a solid family governance code in place.
What does family governance mean? The main aim of family governance is to cover how a family owned business is run once more generations or relatives get involved. For a family owned company it is essential for the continuity of the business to put the right governance in place at the latest, before the next generation gets involved, and this includes succession planning.