Family Business Management

  1. Governance Structures
    1. The Need for Formal Governance
      1. Risks of Informality
        1. Benefits of Structure
          1. Evolution from Informal to Formal Governance
          2. Governance of the Family
            1. The Family Council
              1. Structure and Membership
                1. Functions and Activities
                  1. Meeting Protocols
                  2. The Family Assembly
                    1. Purpose and Frequency
                      1. Involvement of Extended Family
                        1. Decision-Making Authority
                        2. Family Meetings
                          1. Agenda Setting
                            1. Decision-Making Processes
                              1. Documentation and Follow-up
                            2. Governance of the Business
                              1. The Board of Directors
                                1. Role and Responsibilities
                                  1. Oversight and Strategy
                                    1. Monitoring Management
                                      1. Risk Management
                                      2. Composition of the Board
                                        1. Family vs. Non-Family Members
                                          1. Skills and Expertise
                                            1. Size and Structure
                                            2. Independent Directors
                                              1. Role and Value
                                                1. Selection Criteria
                                                  1. Compensation
                                                2. Advisory Boards
                                                  1. Purpose and Functions
                                                    1. Differences from Formal Boards
                                                      1. Composition and Selection
                                                    2. Governance of Ownership
                                                      1. Shareholders' Agreements
                                                        1. Rights and Obligations
                                                          1. Transfer Restrictions
                                                            1. Dispute Resolution
                                                            2. Ownership Structure and Policies
                                                              1. Share Classes
                                                                1. Voting Rights
                                                                  1. Buy-Sell Agreements
                                                                  2. Ownership Education
                                                                    1. Rights and Responsibilities Training
                                                                      1. Financial Literacy
                                                                    2. Developing Key Policies
                                                                      1. Family Employment Policy
                                                                        1. Entry Criteria
                                                                          1. Performance Evaluation
                                                                            1. Career Development
                                                                            2. Compensation Policy
                                                                              1. Salary Structures
                                                                                1. Incentive Plans
                                                                                  1. Benefits and Perquisites
                                                                                  2. Dividend Policy
                                                                                    1. Distribution Guidelines
                                                                                      1. Reinvestment Decisions
                                                                                        1. Tax Considerations
                                                                                        2. Conflict of Interest Policy
                                                                                          1. Disclosure Requirements
                                                                                            1. Management Procedures
                                                                                              1. Enforcement Mechanisms

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                                                                                          3. Family Dynamics and Culture

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                                                                                          5. Strategic Management in Family Firms