For this Paradox , I would suggest the Three circle model
The Three Circle Model is globally accepted as the standard model for successfully operating family businesses. It includes Family, Business and Ownership as the three main components of the business, which form the pillar of any family business. However, as these circles are either dependent or mutually exclusive or resultant of all, the result is poor communication, and strong commitment for the future. Family Business Management tries to prevent them.
Each and every circle – Family, Business and Ownership, have their own governance structure and plan.
Benefits of Three circle model would be :
Family council can be formed to govern the family
Management team can be formed to lead the business, prepare a succession plan and business plan
Board of Directors can be appointed to govern the business owners or shareholders. The Board of Directors can be made responsible for Strategic Plans, Continuity Plan, Contingency Plan and Succession Planning
