To ensure smooth and efficient functioning of the business over years and generations, it is wise for owner-families to develop internal policies so that the family’s decision-making is not subjected to the whims of individual members.
Prudent families prefer a culture of best practices by drawing boundaries between family owners and management, and build transparency with regards to the business and wealth. A governance structure ensures that all of this is achieved without compromising on family bonding and harmony.
At Equations, with our intense experience working with families of siblings and cousins, we find the challenge is to balance individual’s interests, distribution of wealth, and emotions. We facilitate client families to have constructive conversations on sensitive matters, mitigate unpleasant conflict, and develop a family governance mechanism.
What comes first, family or business?
Prudent families know that it is not about selecting one over the other, but recognizing what is best for them.
Successful families across the globe have adopted governance practices and tools to balance family’s aspirations, business objectives, and ownership structures to create long-lasting businesses.What are these practices? How will they benefit your family and business?
Allow us to help you find answers.