Consider the results and interpretations of components of Family Business Governance behaviours, review how your family business could learn form these- and offer some areas that can be changed in a practical rather than myopic way
top of page
Family Business Labs
"The Successor's Paradox"
bottom of page
Similar to any other type of business, family businesses are part of society and require contributing to its ethical and moral values. This includes maintaining transparency as required by the financial regulatory authority of the country. If overseen the lack of morality in a family can create a nuisance for the entire society. The transparency though in my experience contributes to better investments from outside as it helps in maintaining a clear record of the cash flow and as well contributes to clear advisory of finance management contributing to further growth
The family business should have a family council to deal with the conflicts and ensure smooth relationships among the family members. The boundaries of the interest of the members should be clearly defined so that there is no conflict of interest. Also, the matters of the family and the firm should be solved independently by the family council. The family business must also incorporate all the values of the family in the mission of the company. All these tasks must be performed by the family council.