Family businesses constitute the world’s oldest and most dominant form of business organizations. In many countries, family businesses represent more than 70 percent of the overall businesses and play a key role in the economy growth and workforce employment.
There are three overlapping areas in all business family organizations:
These overlapping ownership, business and family common areas may result in conflict:
Business family governance can help you make decisions. There are 4 key groups in business family governance:
Treating the business family in a more formal and organizational way can feel a bit strange at first. But the value of governance can benefit for both the business and family to achieve overlapping goals.