We have built a framework of procedures that allow us to customize effective Family Governance processes to deal with the unique needs of each of our clients. A crucial component of this process is being able to understand the distinctive dynamic that resides with each of the families and being able to respond expeditiously to such dynamics. It is our experience that effective family governance often conveys a sense of purpose and direction to all family members and gives a surety that when collective decisions are made in a timely manner, they are more likely to achieve the family mission and goals.

Just as with any other organization or institution, a method or system of management has to be put in place in order to fulfill the mission or vision of that organization. While governance is a topic that is widely recognized and understood in the business setting, it is often overlooked in the family setting.

Once we have helped our Family Office clients create their mission statement, our next major task is to develop a framework of family governance and management that defines how family decisions are made and executed in order to preserve and grow the family’s wealth efficiently and effectively in accordance with the family’s values, goals and overall mission. This often involves prioritizing the various family goals and developing the roles and responsibilities of each family member including accountability measures to evaluate their progress. Where family businesses are involved, we encourage family members and family owners to act proactively and responsibly towards the family business.

In order to govern effectively, however, we also assist in the task of coordinating and facilitating family meetings and strengthening family communications. When disputes arise, we help families reach collective decisions through family coaching, mediation and other forms of dispute resolution. We attempt to obtain a thorough understanding of potential family conflicts and work with family members on negotiating resolutions that are acceptable to everyone.

Lastly, an integral part of every family governance system is the encouragement of leadership and stewardship within families to ensure smooth continuity and transition development. As with every organization, leaders are required to take on responsibility and move the organization in a direction consistent with the organization’s mission and wishes of the shareholders.