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Developing a family council to monitor family dynamics, govern the family enterprises and practice good communication is one of the keys to success in creating the legacy family.
The Family Council has four main goals:
- Provides Leadership Through Governance Not Management
- Is the Arbiter of Family Dynamics
- Improves Communication Between Family Lines
- Controls the family bank.
Your family should consider creating a family council to govern the long-term plans and resources to implement such a plan including the various family capitals but also directing energy towards resolving the dynamics that challenge those plans .
