ABSTRACT
This chapter explains the options available to families to professionalise the governance of their businesses and of their families. It explores the intertwining of family and business objectives and needs. A family office can increase the professionalisation and education of family owners and future family owners. To summarise, individual families can determine the remit of any aspect of their family governance, therefore the exact role and structure might vary. Carole Howorth et al. provides a helpful conceptualisation of the professionalisation process in family firms, which they suggest occurs in waves triggered by changes in management or ownership, and contingent on the specific context of a particular family firm. The chapter considers governance of family firms, highlighting that family firms, unlike non-family firms, have to consider governance of the family’s relationship with the business as well as corporate governance relating to business issues.
