These words intertwine many concepts for family owned businesses. Family councils have had success in multi-generational families. The structure has to interrelate the core values, traditions and family protocols, which contribute toward keeping family relations healthy. Family leaders should put forth effort to maintain emotional cohesion and encourage communication among their members.
Relationships inside business families affect the degree to which family firms grow. The management of family dynamics is vital for fostering strong relationships that allow common goals be maintained in relation to key nonfamily stakeholders.
Ever-changing circumstances must weave the interests and needs of interested parties, such as investors, separate from the family itself. Leadership balance is critical to maintain a competitive advantage of the family firm.
Governance is all about a family having the collective capability to consider employees, clients, and society in general.