Family business governance is the formalization of your family business. You may want to add or update certain components, such as the advisory board, the family council and family business constitution, to the governance your family business.
Many family businesses start with an idea, heavy involvement by the founder and an immense amount of sweat equity. Time and energy are initially spent on product/service-related matters that will ensure longevity and success of the business. Very few founders will rank formality, structure and/or family business governance in their top 5 priorities when getting a business off the ground. However, when comes time to transition or sell your family business, a lack of formality can actually decrease its value.
Below you can download our family business governance white paper, which highlights the entities of a family business, their components, roles, and responsibilities.