The Family Business

Best Practices of Multi-Generational Families and Family Businesses

Successful families use Best Practices in order to sustain family connection; to design, implement and practice governance both within the family and the family enterprises; and to develop the next generation of the family. Equally important, successful families seek balance across all three areas of interconnection (Family, Family Enterprise, Rising Generation). One area is not considered more or less important than the other. These practices, when implemented pro-actively and consistently, can make a difference, especially if started before conflict occurs.

It has been shown that while other business and financial practices clearly contribute to success, positive familial relationships and the ways by which family members work together, create agreements and collaborate across generations are equally, if not more, important for their success. These practices enable a family to move from ad hoc-ness to establishing clearly defined practices and policies for how family members work together and make decisions.

Best Practices for Family Businesses

More information on: Best Practices for Multigenerational Family Enterprises