Family Governance Basics To Build A Wealth Enterprise
December 12, 2016
Families are emotionally connected within a complex system and, like any system, any subtle change can have an effect, either positive or negative, on the entire system. Lack of trust, communication break down or conflicts can disrupt even the most cohesive family, sometimes for the short term, but often for years or even decades. These disruptions can result in misunderstandings that often lead to the delay or termination of critical decisions, affecting all members of the family, and potentially endangering the overall sustainability of the family’s wealth enterprise. In this paper we discuss three best practices that families can follow to improve communication and establish a basic family governance framework for decision making.