In family businesses the interplay between traditional values, succession planning, family dynamics, roles and responsibilities and recognition of the need for both governance of the family and the business is not easy.
Balancing the needs of the family and the business can become more complex as a family grows, a business becomes bigger and multi-generational and the world continues to change at such a fast pace. Governance practices and frameworks need to continually evolve to meet the needs of modern day family firms.
We asked our Global Family Business Think Tank Panel if they thought that family firms are becoming more innovative when it comes to their governance.
The Results:
Are Family Firms Becoming More Innovative With Their Governance?
Yes - 44%
No - 33%