Every good and thriving business is founded on a set of core
principles and values guiding its operations. Likewise, family
governance is a structure/process families put in place to guide
how they interact with the family business. A well-designed and
properly implemented, family governance structure can help set
boundaries, provide clarity, and result in greater congruence
between family members, especially as it relates to the growth of
the family business or enterprise, and its transition between
generations. For effectiveness and efficiency, a family governance
structure must reflect the particular culture, dynamic, and
objectives of the family. One of the tools for achieving an
effective and efficient family governance is the family
assembly.
