Governing The Family Enterprise: The Evolution of Family Councils, Assemblies and Constitutions

Upon reaching the third generation, enterprising families face a set of new challenges. Internal and external forces threaten the family’s ability to continue as partners. But the potential for what they can do if they decide to continue is incredible. A family reaching this milestone faces a choice point—should we continue together as a financial or business entity, or just distribute what we have and let each household move forward in their own way? A few courageous families make a conscious decision to continue united. By sharing the experience of families who have successfully crashed through this barrier, we offer a roadmap of the hard work and expansive outcomes that result.