Family Governance: What, When, Why And Why Not ?

Could one imagine a prosperous nation or even a successful corporation without good governance? No. But, when it comes to families owning those businesses, the notion of governance seems to have few takers. Whereas, the reality is that if you are a member of a business family, you cannot afford not to think of governance from family perspective. After all, a family, just like a nation or a business, has its stakeholders, their needs, challenges, and a future to be worked towards. It also has stated or unstated vision and a set of values. While, a nation or a business ensure stakeholder welfare and achievement of goals through policies, processes, laws and various bodies, a business family also needs to put in place Family Governance.