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Family governance refers to the structures and processes families use to organize themselves and guide their relationship with their enterprise.
In the first part of this two-part series, Jeff Savlov, founder of Blum & Savlov, LLP joins John and Michael Parise to explain the family component of governance. Jeff highlights how families and their businesses can build and benefit from their governance plan, while highlighting potential drawbacks of low governance arrangements.
You will learn:
- What is so complex about a family governance creation
- How a formal governance document plan can avoid what Jeff calls “toxic informality”
- The difference between a family business and an enterprising family business
- Consequences of poor governance planning
- And more!
Join the conversation to discover the crucial role of governance when it comes to picking the next leader for the family business!
Related: Annuities as Helpful Multi-Generational Planning Tools