A closer look Family Businesses, Family Dynamics, and Governance

In Brief

• While most family business owners hope to pass their business on to their children and succeeding generations, many do not manage the transition successfully.
• The specific reasons for these failures are often unique to each family, but they can typically be traced back to the interaction of family dynamics and business dynamics.
• Effective family governance can help improve family dynamics and increase the odds of a successful generational transition.