Why Great Family Businesses Invest in Good Governance Software
Family-owned businesses represent a critical component of global economies, generating significant business activity and prosperity. However, research suggests that only 30% of family-owned businesses last into a 2nd generation, 12% remain viable into a 3rd generation and a mere 3% make it past the 3rd generation. Beset by family politics and tension around selecting the next leader, family businesses often follow flawed succession plans, or lack one altogether. As a result, many are unprepared for leadership transition and struggle to demonstrate the value of the business to subsequent generations.
The good news is that digitalisation has enabled the adoption of paperless governance processes thereby improving communication, streamlining ownership issues and facilitating generational succession. The bad news, however, is that many family businesses are lost in a plethora of disparate tools, often fragmented with limited integration options.
An intuitive, secure and centralised board, shareholder & family governance platform enables greater transparency, boosts communication and accelerates informed decision-making between family members and shareholders.
Three Priorities of Purpose-driven Family Businesses
If you are a family business leader, then you possibly have one or more of the below priorities in managing and running your business efficiently.
Priority #1 – Shareholder Communication & Management
- Build a rapport between active and inactive owners
- Foster responsible ownership by educating inactive owners and the rising generation
- Reduce the risk of shareholder disputes that come with a lack of information and transparency
- Nurture leadership accountability and good governance
Priority #2 – Board & Committee Management
- Organise effective board and committee meetings
- Share and archive sensitive documents
- Approve and sign meeting minutes
- Vote on resolutions through surveys
Priority #3 – Family Communication & Cohesion
- Keep your family close with news & updates
- Record and celebrate your family history
- Build & maintain an interactive family tree
- Stay in touch with secure messaging
Great Business + Good Governance = Generational Success
For more than 12 years, Trusted Family has helped multigenerational family-owned businesses professionalise their online governance, build greater cohesion and continuity with family members and shareholders and enabled faster, more informed decision-making for sustainable business growth.
Set access permissions for different groups and individuals and create groups and permissions for your boards, committees and other working groups.
Organise meetings, track attendance, add files, distribute minutes for review prior to approval, access past meeting information with ease and manage follow-up.
Securely create, sign and store confidential files and documents in a central data hub, create private vaults for individual family members and control access.
Leverage real-time insights into how your family and board work and have more meaningful conversations with members using data.
Easily create surveys to get quick opinions from members and decision-makers across the business with flexible answer-formats and upvoting capability.
Store family profiles, achievements, experience and aspirations to connect the right family members to the right opportunities for their development.