Greg Lewis at the Tennessee Center for Family Business was kind enough to host me on his podcast, Family Business Today. We had a wide ranging conversation surrounding the question of what a family governance model might look like within a family business or family office.
Governance is certainly a focal topic within the broader family community and the reasons why are clear. Governance structures increase the likelihood of long-term success. Within the company, a common family governance model is the creation of either a fiduciary or advisory board – hopefully with outside directors. But within the family itself, establishing a family council is a common governance tool. Family councils are different from a Board of directors in their focus, but when well functioning should have a highly productive relationship and regular interactions.