Many family businesses have yet to adopt any procedures for resolving their conflict between family members.

Best practices for family businesses

Governance is topmost in business owners and leaders mind today. However, governance carries different meanings from one business to another.

For instance family enterprises. Regardless to size, uniqueness, volatility, mix of personal family dynamic, business strategy and ownership criteria can and often-than-non generate an emotionally charged environment that makes decision-making, not to mention day-to-day management, very challenging. And today (generation had-over era) as the majority of family businesses founding generation have already aged, succession and authority issues can create cascading concerns.

Safety in structure

Some family businesses have learned to appreciate how little structure can be extremely helpful especially when time comes to discuss extremely sensitive issues like ownership shares, rights and responsibilities, family-member’s manager competencies, and even agreeing on a strategy that is best for both; business and family.

We at MSC, address family business governance from an inclusive perspective – family constitutions to family councils – boards of directors (family and non-family managers), we help you improve your family business governance and preserve your family harmony—thus setting the stage for the profitable success you deserve.

Clear vision and clear lines of communication

Family business like any other business, must be built on a foundation of mutual agreement on certain fundamental questions: What is our vision and our mission for the business? What strategy should we follow to reach our goals? How do we get there; structures and people we need to succeed? How do we handle shares, inheritance, in-laws….etc?

We can help your family and business to; create a family advisory board, formalize business relationships between family members, develop a family employment policy and set-up a holding company board for diversified family business. We invite you to contact us to learn more about how we can help you achieve your goals for optimum governance and performance.