What happens if a family member at the helm is not open to new ideas, lacks vision or is not vigilant in maintaining the highest standards of corporate governance? In this situation, it is up to other family members to provide the necessary checks and balances and ensure the business is operated as the collective family desires. SEE ALSO :Running a family business? The best way to keep the family business model working efficiently is by implementing a suitable board structure where family members are restricted. Following the best practice of corporate governance engenders the trust of investors and debtors in the group.

Source: Standard Digital November 12, 2019 08:34 UTC