Happy Family Inc.Happy Family Inc.
Best practices for business governance
Good governance practices can enhance the value of a family-controlled business in many ways. They can improve the business’ financial performance, protect the owners’ other assets, overcome deficiencies in succession planning and provide a way to avoid or resolve conflict among the owners without litigation.
Senior generation owners and their managers might (rightly or wrongly) view business succession planning as something that can be deferred to a later date, but good business governance practices are always needed and can provide both immediate and long-term benefits. Good governance of a family-controlled business requires a combination of appropriate business organization documents, insider contracts and estate-planning mechanisms...
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