Make the most of your clan's council of elders

Over 75 per cent miss out on the benefits a family council brings. It can make streamline succession, governance, financing and other tricky family business trip wires.

The family council provides the leadership role in a family business. While the family constitution covers the framework and operations of the business, the council acts as a communication channel between the business and the family, and places this responsibility on the shoulders of a nominated group.  Ideally, its members should come from both the family and the business, allowing it to moderate issues and defuse tensions as they arise.

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