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Most would argue that “Good Governance” is one of the keys to a successful transition within a business owning family. So what defines “Good Governance”? John Davis quotes “defining and maintaining the basic direction of the organization through certain processes, structures, plans and policies, rules and agreements.”
In the study conducted by Deloitte in April 2013 titled “Perspective on Family owned businesses, Governance and Succession planning” respondents (222 business owing families with revenues of $50Million to over $1Billion, 10 industries sectors represented in 36 states).
The findings included:
- 72% of respondents have a formal board of directors.
- 66% of respondents say their companies do not have formal board evaluation...
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