A business you create with or for your family can be a legacy for generations to follow. But preserving this legacy in light of an expanding family and the addition of new generations takes planning and sometimes difficult decisions to avoid its breakup and family strife.
Some of the steps you can take to avoid or reduce the impact of family growth and strife on the family business include:
- Corporate Governance. Maintain the multi-tier structure of Owner – Director- Officer- Employee or Member- Manager- Employee in the business documents so each family member involved in the business knows their rights,