Governance in Family Business

Governance in Family Business - Success Through Effective Leadership

Family business leaders seldom think of their activities as governing the business or the family. As Craig Aronoff and John Ward, authors of Family Business Governance: Maximizing Family and Business Potential point out however, governance in family business is just as important as in any other corporate entity.

Compliance with the basic principles of family business governance smooth decision-making, shared ideas, effective conflict resolution, high standards and ethics, can minimize the risk of problems; not just within your family, but also with stakeholders, such as the board of directors or managers. These principles hold true for all family businesses, whether in a for-profit or non-profit setting.

Corporate Governance Definition

By definition, corporate governance is essentially the guiding principles that benefit all stakeholders of an organization. Governance in family business is most effective when driven by strong family and corporate ethics, accountability and transparency.

Corporate Governance - ABFI can help with the Essentials

Good governance in family business is essential. Through a series of well-communicated procedures and guidelines, family, management and shareholders can fulfill desired and necessary corporate objectives in the most responsible way. This process results in a successful company, as well as healthy family relationships.

The Alberta Business Family Institute can help you maximize the value of your family business through the development of effective corporate governance strategies. Learn more about our services, resources, workshops and education programs by exploring other pages on this website or contact us for more information.