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How Family Businesses Actually Make Governance Work
Examples from three multigenerational families show why it takes more than goodwill to help businesses survive pivotal moments.
The moments that expose weak governance in a family business rarely announce themselves. They arrive quietly: a sudden accident; an unexpected death; a dispute over compensation, dividends, or authority; or a long-avoided question that suddenly demands an answer.
When those moments come, outcomes depend less on goodwill than on preparation. Families that clarify roles and authority can respond with steadiness, while those that rely on trust alone often ...
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Suzanna de Baca, NACD.DC®, is an experienced CEO, director, advisor, and author. She is CEO of Story Board Advisors, a firm dedicated to empowering CEOs, boards, and family businesses, and a faculty member with Iowa State University’s Ivy College of Business.