The Role of a Family Council in a Growing Family Business
The Role of a Family Council in a Growing Family Business Family businesses combine two important systems: the family and the business. Both have different priorities, expectations and ways of making decisions. As a company grows and more family members become involved, informal conversations may no longer be sufficient to address important family and business-related matters. A family council can provide a structured forum where family members can communicate, discuss shared concerns and develop a common understanding of the future. As part of a broader Family Business Governance framework, it can help create a healthy relationship between family interests and business objectives. What Is a Family Council? A family council is a formal or semi-formal group that represents the interests of the family in relation to the family-owned business. Its exact structure can vary depending on the size of the family, ownership arrangements and complexity of the organisation. The council is g...