Governance in Family Business

Governance in family business pertains to those principles, structures, and documents, which define the rights and responsibilities of participants and control the operation, process, practice, procedure and policy of the family business.

In setting up a family business governance structure, each stakeholder in the family owned business has their place in the full picture of what the business is and does. Governance is built to reflect that place in a way that meshes with the reality and vision and values of your family business.

Stakeholders include family members who work in the business as well as those who do not. As applicable, stakeholders are the employees of the family business including managers and their teams. Also included are professional service providers such as lawyers, accountants, and financial advisors and bankers. Governance also makes explicit the role of regulators from government, industry or professional associations. Crucial stakeholders are board members, both inside and outside directors and family council participants. Aspen is often called in to family business where boards and councils have not before been established.

We are sensitive to the special issues within families for whom creating formal governance is for the first time moving from the organic, and perhaps unspoken habits of day to day operations to objective, explicit and enduring methods.

In our family governance consulting, Aspen Group Partners and Associates bring years of experience and training to creating with you clear, practical governance that reflects the realities of your family business.

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