Family Governance

Family governance in the context of family entrepreneurship refers to the framework and practices that help family members make decisions about their business and personal relationships. It includes setting rules, roles, and responsibilities to ensure successful collaboration and communication among family members involved in the business. Effective family governance helps to balance business objectives with family dynamics, fostering both the growth of the enterprise and the well-being of the family. This structured approach facilitates conflict resolution and preserves family values, ensuring the business can thrive across generations.