A well functioning family governance structure will mainly aim at:
• Communicating the family values, mission, and long term vision to all family members.
• Keeping family members (especially those who are not involved in the business) informed about major business accomplishments, challenges, and strategic directions.
• Communicating the rules and decisions that might affect family members’ employment, dividends, and other benefits they usually get from the business.
• Establishing formal communication channels that allow family members to share their ideas, aspirations and issues.
• Allowing the family to come together and make any necessary decisions.
Developing such a governance structure will help build trust among family members (especially between those inside and outside of the business), and unify the family thus increasing the viability chances of the business.