Is opening the family board or establishing an advisory panel to non-family members going to improve your performance? Yes – definitely!
In any family enterprise, commercial, manufacturing or agribusiness, you should take the position that you are custodians for future generations. Good governance, policies and planning is about building wealth in the long term.
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In some family businesses I have meet over the years you come across the Golden Child. They have never had to want for anything and believe that have a right to take from the family business and not give back. I often wonder how this happens when the founders started with nothing and gave their all for little return.
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