Family Business Succession Planning I Singapore I Familosophy

The Principles of Governance

When faced with upheaval, economic uncertainty, and the crushing responsibility of rescuing the family's assets from a raging fire, the need for governance becomes even more critical.

Too many families see family governance as an afterthought – as if it were a troublesome bug that wanted to steal all of the attention and resources away from their primary concerns, which are revenue generation and operations. When it comes to efficient family administration, there is also an emotional component that is often disregarded by the first generation of parents.

The fundamental ideas of family governance are straightforward: What process will we use to make choices as a group? What method will we use to communicate? How are we going to work together to address problems?

While the principles are straightforward, putting them into practice can be difficult. It is critical to obtain a clear mandate from the top, as well as to deal with stakeholders that are resistant to changing. It is critical to get outside assistance.

Some families prioritize either their company or their family over everything else. One is not superior to the other, but you must be honest about your decision and build family governance practices that are based on your decision.

It's important to remember that, in order to stay focused on your governance path, it's all about building relationships, communicating with and understanding one another, as well as between the family, family businesses and shareholders.

Consider the following: Has your family's governance (or lack thereof) played a role in the process of COVID? How well does your family communicate with one another? Whether or if there is the capability for group decision-making

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His market is two-fold:

Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income

Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.

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SOURCE: https://davidwerdiger.com/2021/03/governance-principles/