Family businesses have strengths in relation to decision-making, most of the time fast and flexible, great customer service and good market presence.
On the other hand, as far as management practices are concerned, for the management of a family business to be efficient, it is essential to separate personal and family interests from business interests.
The building of solid pillars of corporate governance is an instrument of great influence in the results of these organizations, collaborating for the development of efficient organizational and operational structures and also for a culture of rooted good practices.
Analyzing routine problems faced in family companies, one notices the latent need for good corporate governance practices to help companies understand their current momentum and outline strategies to promote necessary changes.
Although fundamental governance principles carry a certain amount of truism, many family businesses have not yet prepared themselves to implement the corporate governance process.
Family businesses that have realized the importance of good practice concepts and are implementing the boards in their organizations, in addition to broadening their horizons and maximizing their market value, are ensuring longevity and successful projections for their business.