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Family enterprise governance must serve more than profit maximization and corporate compliance. If it is to safeguard relationships, wellbeing, and legacy, it requires design principles that recognise both the corporate and the family systems. Without inclusive structures, the same rules intended to protect shared assets can be used to consolidate power for the benefit of some family members to the detriment of others.

In non-family enterprises, governance is largely geared toward effective decision-making for profit, stakeholder value, and legal and regulatory compliance. In family enterprises, governance should also preserve harmony and the welfare of family, protect vulnerable members, and honour the intentions that built the legacy. 

My advisory experience shows that rigid reliance on majority-rule corporate mechanisms — without regard for family dynamics — often enables dominant coalitions to make decisions that exclude or harm others. This is particularly visible in sibling-partnership ownership structures where rivalry is evident.

When Majority…

Wealth, when well stewarded, is meant to unite generations. Yet even among the most successful families, it often becomes the source of their deepest divisions.

I’ve seen it first-hand in my own family’s court battle over inheritance. What was meant to symbolize continuity instead became a source of silence and conflict.

I share this not to dwell on the pain of it, but to highlight a truth I have come to understand both personally and professionally:

most families do not fail at succession because they lack wealth or advisors. They fail because they forget the human dimension of governance.

As a Family Enterprise Advisor and Coach, I work with business-owning families to build governance systems that blend both structure and soul. My work is informed by my technical training — an MBA from Columbia Business School, a CFA charter, and certifications from the Family Firm Institute — but equally by…

Inheritance is meant to be a gift of continuity. It is a way for one generation’s hard work to be carried forward by the next for future generations. Yet too often, it becomes the spark of painful divisions. For the past eight years, I have lived through this reality. My siblings and I are in court over our family’s inheritance. What was meant to keep us unified instead left me excluded, and I had to seek justice.

Living through this experience has been emotionally draining, financially costly, and deeply disruptive. And while the process is still ongoing, it has also been transformative. It reshaped how I think about succession—not just as a technical or legal issue, but as a deeply human process with lasting consequences for families. That is why today, as a credentialed family enterprise advisor and coach, I help other families avoid the pain mine endures.

The Hidden…

The benefit of working with a conscious family advisor is that you are supported through an emotional process as you receive family business and wealth advisory services.

The interpersonal dynamics of family systems are often left out of the advisory process, to the detriment of many estate plans. Without taking into consideration the emotional landscape of the family members, many structural (legal, financial) plans aren’t worth the paper they are printed on.

Emotions are tough to deal with, especially when it comes to sensitive issues that haven’t been addressed over lifetimes. In such cases, a conscious family advisor – one that demonstrates patience, empathy, and kindness and understands family systems – is essential.

Some examples of emotional issues that arise in the succession process

• The founder trying to get inheritors to understand his/her thinking on the selection of a successor and handling the emotional resistance that may be forthcoming from…

Value differences across generations in a family exist.

Given the fact that we are living longer, it is likely that family business members will encounter what Mark Green refers to as “the syndrome of generational stack-up” in Inside the Multi-Generational Family Business. This term refers to the “convergence of several generations as owners, managers, employees, and shareholders working together.”

Take a moment to think about the differences between your generation and the generations that are above and below your cohort. It is worth trying to understand how the situational context and culture of a generational cohort influences thinking, especially in a family business. Perhaps with this lens, you can see that patterns of conflict arise when two or more generations are represented in management or on the board because of differences in values and worldviews.

To start, it helps to break down the time period in which different family members…

Many people think that succession is only about the transfer of wealth or the identification of a successor. They focus on how to avoid probate and the protection of assets through trust structures, and in such cases will seek the services of lawyers to create their ‘estate plans’. However, where a family business is concerned, in addition to concerns about changes in ownership, it is necessary to think about succession as processes of change in the family and management and ownership of the business over time.

A good way to think about this is that succession is the ongoing process of co-creating and implementing a continuity or regeneration plan.

So, here are 5 things you should know about the process:

1. One thing that is guaranteed in a family business is the constancy of change.

A good governance structure for your family owned business is a system that helps your family organize how it communicates and makes decisions affecting the management and ownership of the business as well as the wellbeing of your family's members.

These decisions affect the different types of capital that make up the current and future wealth of your family. It is therefore absolutely essential to have a good governance system in place to manage and transition family capital.

Family wealth is not limited to financial capital. In Family Wealth: Keeping it in the Family, James Hughes Jr., a pioneer in the thinking around family business governance, included human, intellectual, social, and spiritual capitals as being equally important to family wealth. A good governance structure is one that puts in place a system to address the full range of family wealth. Time and professional support are necessary to develop one.