Governance and having an external sounding board - Decision-making - Exploring Family Business

Topics in this episode

Decision-making governance family business external business advisors

Episode notes

The meaning, purpose and importance of governance - 5m 25 Governance is something that can be an afterthought or ignored because it may not have much urgency or can be outside comfort zones. However, it’s incredibly important as it attends to the business’s future. The benefit of values when considering governance - 12m 18 Values under pin strategy and how you run the business, as well as being the heart of the family and what you may consider as fair. Knowing what the values of the business are has impact on culture, so need to be clear. They may be hard to define if you have grown up within the family business, so it may help having someone external come in to help as values will help guide company policies. Culture of a family business - 16m 29 Sometimes a family business can have two approaches to cultures: Very inclusive or what the family says goes. It’s important to remember that the family name is on the door, so anything that is done, comes back on the family. Be visible, have accountability and openness so that using your family name benefits the culture and firm. Deciding on roles within a family business - 20m 58 There are lots of roles to consider.