Family governance’ means the structures and processes implemented by families to manage their business and personal affairs as a family. Our advice related to Family Governance helps set boundaries, create clarity, and increase harmony between family members as well as ensures more focused business, and easier transitions between generations.
Well designed and properly implemented Family Governance helps to reduce the potential for conflict, save from poor decision making and allows families to flourish and maintain cohesive trusting relationships as colleagues in business and as family members at home. As a part of Family Governance, we provide following services:
1. Mentoring Education & Awareness
We educate, increase awareness and provide mentorship to Client Families including clients, spouses, parents, siblings, advisors, future generations (children, grandchildren) and other family members about accounting, money, finance, risk, return, cash flow, investments, etc. We explain their importance for living a fulfilling life and for preserving and sustaining wealth for multiple generations for the benefit of the entire family.
2. Ownership Structure & Family Shareholding
Family owned businesses are owned by the family members who influence strategy and major business policies and usually have an intention of keeping the business in the family. Our advice helps clients select the right entity, ownership structure and shareholding patterns as well as establish good governance to save taxes, reduce compliance and ensure smooth running and transition.
3. Family Council
Family Council is an oversight committee that consists of a small group of family members and works like a Board of Directors in a company. Family Council articulates principles that guide the family’s work together and focuses on long-term objectives and unique challenges of implementing the family’s mission and vision. We help set up and guide family councils to preserve and strengthen family culture and values, achieve consensus over family goals, educate and develop next gen and maintain peace and prosperity in the family.
4. Corporate Succession
Succession of a successful and profitable family business is very vital. Our advice helps clients ensure effective corporate succession that optimizes resources, drives growth, reduces taxes, ensures long-term survival of a business and family wealth while preserving harmony within the family.
5. Gift & Inheritance Planning
We guide our clients about whether to transfer the wealth during their lifetime as a gift or after their death as inheritance to balance the needs of the family and have a peace of mind. For gifts, our advice about how much to give, to whom, when and how could save significant taxes. For inheritance, whether to have a Will or Trust, which type, how, for what purpose ensure effective and efficient transfer of wealth to the next generation.