Governance in Family Business

Governance in family business refers to the structures and processes that help manage the business and guide its direction, ensuring accountability and transparency. It involves defining roles, responsibilities, and decision-making processes among family members and non-family executives. Good governance balances family interests with business needs, fostering healthy communication and conflict resolution. This can include establishing boards, creating formal policies, and setting clear goals. Effective governance helps sustain the business across generations by promoting professionalism and adapting to changing market conditions while respecting family values and legacy.