Family Accord: Best Practices for the Family Enterprise Start with the Family
Overview
When the only tie that binds a family together is sharing business ownership, chances are the Family Enterprise will struggle to remain family-owned and intact for successive generations. However, when the family and the Family Enterprise are mutually supportive, the opportunity for sustainability is greatly enhanced. By taking a family-centric approach and applying a “Family Accord” framework—one that is based on structure, communication, and consensus—families can enjoy far greater odds of long-term success with their Family Enterprise.