Barbara Hauser discusses the kinds of families that can benefit from a formalized governance structure; reviews the purpose and use of family councils and constitutions; and discusses key considerations when implementing a family governance plan.
The single greatest threat to a wealthy family's legacy isn't underperformance in the financial markets; it is intra-family conflict. But the odds can be improved considerably by having a good family governance system in place. In this Take 15 episode, Barbara Hauser, principal of Barbara R Hauser LLC, discusses the kinds of families that can benefit from a formalized governance structure; reviews the purpose and use of family councils and constitutions; and discusses key considerations when implementing a family governance plan.