This includes introducing the key idea that family business is a joint decision-making process, which encourages long-term relationships and health. Moreover, it is important for firm internationalisation, as stated by Zahra (2003). The governance structure of a family-owned, family-controlled business includes a board of directors, a family council and top management, where the contribution of each segment is important. The rights and responsibilities of family and non-family shareholders and the overlapping relationship between ownership, individual wills and trusts offered a comprehensive idea of business needs.
Reference:
Zahra, S. A. (2003). International expansion of U.S. manufacturing family businesses: The effect of ownership and involvement. Journal of Business Venturing, 18(4), 495-512. doi:10.1016/S0883-9026(03)00057-0