The Need for Governance in Family-Owned Businesses

Family-owned businesses are an important part of the economy, and they face unique challenges due to the dynamics of family relationships. With family members involved in both ownership and management, decision-making processes can be complex and challenging, so it is crucial that family-owned businesses develop governance structures before a need for governance arises. With proper governance and best practices, family-owned businesses can thrive and achieve long-term and sustainable success.