governance in family businesses

Governance in family businesses refers to the systems, rules, and processes that guide decision-making, ensure accountability, and balance family interests with business needs. It involves setting clear roles, establishing policies, and creating structures like boards or family councils to manage conflicts and strategic direction. Effective governance helps maintain professionalism, foster transparency, and sustain the business across generations, ensuring that family values align with sound management practices. Ultimately, it creates a framework for responsible leadership and long-term success while respecting the family’s legacy.