This book is a continuation of my first book Understanding the Family Business: The differences between family and non-family businesses (2018). In teaching my family business classes as well as performing research and consulting with family firms, it seems most of the family-owned firms could benefit by having an increased emphasis on governance. Many of the problems could have been prevented and/or managed by better governance procedures. This book explains in detail how to use governance tools as well as why and when. For example, the age-old problem of succession can be discussed sooner by having a family council and by the creation of a family constitution. Proper governance can help professionalize the family-owned firm. ...

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