The Business of Family Family Matters Legal Edition: Governance in Family Business: The Structure Behind Strong Relationships
Mar 17, 2026
Clear explanations of what governance looks like in family-run companies. Differences between family councils and boards, and when outside directors help. Practical rules for hiring, pay, dividends, and succession across family, ownership, and business. Tips for running structured family meetings and using neutral facilitators to prevent conflict and legal exposure.
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Governance Is A Decision Playbook
- Governance is a decision-making playbook that clarifies roles and processes for family businesses.
- Tammy Buss stresses founders often omit governance because they 'did what they wanted,' creating issues as generations deepen.
Define Board Versus Business Roles
- Do define clear lines between board responsibility and business operations to avoid blurred authority.
- Yola Ventresca advises adding outside directors early rather than keeping the board entirely family to preserve objectivity.
Leadership Title Without Authority Created Conflict
- Tammy describes a gen-two family where leadership was 'title only' because all siblings wanted input.
- That led to muddy authority and prompted considering outside leadership or clarified role qualifications.