Family Business Governance
Family, Ownership and Business are the three interdependent and overlapping systems in a Family Business Enterprise. For a Family Business to function effectively overtime, each of these three systems must understand how to interact and support each other and appreciate their boundaries in respect of decision making. The gamut of interaction, support and decision making makes up the family business governance.
The hallmark of a truly sustainable family business is to establish an appropriate and effective governance that separates business from ownership and defines a clear process to resolve family, business and ownership issues.
Setting up a robust governance framework aids in effective functioning of the Family business by setting up mechanisms for Decision Making, Performance Review, Difference Management and Conflict Resolution.
This involves setting up various Family, Business and Ownership Forums to discuss Family, Business and Ownership matters, determine the roles and responsibilities of each Forum and appointment of Office-bearers and members of each Forum.
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