Governance - Family, Business & Wealth

Best practices for family businesses

Governance is at the forefront of everybody’s mind today. But governance means different things in different organisations.

For family businesses, no matter what their size, the unique – and often volatile – mix of personal family dynamics, business strategy and ownership criteria can create an emotionally charged environment that makes decision-making – not to mention day-to-day management – challenging. Succession planning in an expanding family can also create cascading concerns.

Safety in structure

Many family businesses have learnt that a little structure can be extremely helpful when the time comes to discussing sensitive issues, such as ownership shares, rights and responsibilities, and the competence of family-member managers are best dealt with as part of an overall strategy that takes into account the interests of the business and the family.

PwC’s Private Clients Family, Business and Wealth team address family business governance from a holistic perspective. From family constitutions to family councils, boards of directors to family and non-family managers, we can help you establish a clear governance structure to preserve family harmony while setting the stage for the commercial success you deserve.

A clear vision and clear lines of communication

Like any other business, a family business must be built on a foundation of mutual agreement on certain fundamental questions:

1. What is our vision – and our mission – for this business?

2. What strategy should we follow to reach our goals?

3. What structures and people do we need to succeed?

4. How do we handle shares, inheritance, in-laws?

We know that good family and business governance goes hand-in-hand with sustained benefits.

How can we help you?

Contact PwC's Private Clients Family, Business and Wealth team to learn how we can help you meet your goals for optimal governance and performance.