Every family business firm will eventually reach a point when it has to professionalise the way it operates, by instituting more rigorous processes, establishing clear governance, and recruiting skills from outside. There are few business owners who can confidently say that the family members and all interested parties are united in their vision for the future operation and devolution of the family wealth. The Family Constitution and defined succession plan will create unity, and if the vision of the family members cannot be aligned, it will create the means to ensure that it is managed. We have experience of advising many business families where the complexity of the family dynamic and the wealth structures mean that family governance and family protocols are key to the stability and longevity of the family wealth.
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