Good family governance establishes the processes whereby strategic goals are set, key relationships are maintained, the health of the family is safeguarded, accountability is maintained and achievement and performance are recognized.
More specifically, a family governance structure creates frameworks, policies and traditions that determine how a family will decide where they are going, develop responsible family citizenship, allocate power, determine how decisions are made, monitor how well they are doing, involve people in decisions, report results achieved and plan for succession.
Family meetings help busy families stay together. Other benefits of this simple tool are improved communication, self-esteem, emotional support and problem solving. Your family can use family meetings to communicate and solve problems. These meetings can deal with planning for the next generation, involving children in family business and charitable actions as well as decisions about wealth transmission. They can help a family to implement shared values, with the input and collaboration of stakeholders/family members.