Family Business Governance: The Three Rules Every Business Family Must Follow | 796

 "The family dynamic can either destroy your business or make it a joy to run. Governance is what tips the scale." - Dave Lorenzo

Running a business with family members can be fulfilling—or a complete disaster. In this episode, Dave Lorenzo outlines the three foundational pillars of governance every family business needs to survive and thrive.

Key Topics Discussed:

1. Decision-Making Structure
   • Why you need a family business charter
   • How to assign decision-making authority based on dollar thresholds
   • Voting rights vs. voice in board discussions
   • Using the U.S. Constitution as a metaphor for governance
2. Defined Roles and Accountability
   • Creating job descriptions for every role—including family members
   • Avoiding entitlement and protecting your top non-family talent
   • Minimum expectations and performance standards
3. Succession and Continuity Planning
   • Building succession into every performance review
   • The difference between permanent succession and temporary continuity
   • Making sure someone is always ready to step in

Links and Resources:

• Subscribe for Daily Business Growth Tips: GetInsideBS.com
• Watch on YouTube: Inside BS Show on YouTube
• Listen on Spotify: Inside BS Show on Spotify
• Listen on Apple Podcasts: Inside BS Show on Apple
• Call Us: (305) 692-5531

Call to Action:

Running a family business doesn’t have to mean drama and dysfunction. Implement these three rules of governance and build a company that lasts for generations.
 Subscribe now and join Dave tomorrow at 6 a.m. for another episode of The Inside BS Show.