Family Governance Refresh: 10 Questions to Start the Year
Certain moments—often the start of a new year—offer a natural pause. It’s a chance to step back and ask whether the ways your family enterprise makes decisions still reflect who you are today—and who you are becoming. Even the most thoughtfully designed governance systems can lose alignment as families grow, businesses evolve, and the next generation begins to imagine the future differently.
An intentional governance check-in creates space to reflect not only on what’s working, but on what still feels trusted, relevant, and true to the long-term vision you share as a family.
The questions below are designed to support reflection and open dialogue, helping you assess whether your current governance structures are still serving the family well—and where they may benefit from renewal.
- Are our shared purposes and values still clear (and shared)?
Families grow and perspectives shift. Reconfirm that the mission statement and core values still resonate across generations. When values are assumed rather than revisited, families often discover—too late—that they are no longer aligned. Clear, shared purpose acts as a north star when difficult decisions arise, especially around leadership, liquidity, and succession. Without it, decisions can feel arbitrary or personal rather than principled.
- Does our current governance structure match where the family and business are today?
Boards, councils, committees, and owner forums often need recalibration as complexity increases. Governance structures that once worked well can quietly become outdated. Misalignment often shows up as frustration, slow decision-making, or informal workarounds—signals that the structure no longer fits the reality it’s meant to support. A thoughtful refresh can restore clarity and momentum, ensuring the right conversations happen in the right forums and decisions are made at the appropriate level.
- Are roles and decision rights clearly defined?
Ambiguity is one of the most common sources of family conflict, particularly as ownership spreads and leadership evolves. Review who decides what, and whether those decision rights still make sense. Unclear roles don’t just create inefficiency—they create tension. When decision rights are clarified, families often find that trust increases and interactions feel less personal and more productive.
- How are we preparing rising generation members for ownership and leadership?
Assess both formal development programs and informal exposure to the business. Ownership without preparation can feel overwhelming—or disengaging—for the Rising Gen. Thoughtful preparation builds confidence, capability, and stewardship, while reinforcing that leadership and ownership are responsibilities to be developed, not titles to be inherited by default. Even modest, intentional preparation can make a meaningful difference.
- Do our communication channels still work?
From family assemblies to emails to group texts, ask whether people feel informed, engaged, and comfortable raising concerns. Communication breakdowns are rarely about intent; they’re about systems. When people don’t feel included or safe asking questions, assumptions fill the gaps. Over time, silence erodes trust and fuels narratives that are difficult to unwind. Small adjustments to communication channels can significantly improve transparency and engagement.
- Is our conflict-resolution process actually being used (and trusted)?
If not, explore why. Conflict is inevitable; unmanaged conflict is optional. A resolution process only works if people believe in it. When families avoid using agreed-upon mechanisms, issues tend to surface indirectly—through disengagement, triangulation, or emotional blowups at the worst possible moments. Rebuilding trust in the process often starts with revisiting how conflicts are raised, addressed, and followed through.
- Is the family constitution up to date?
Consider family employment policies, dividend guidelines, compensation frameworks, next-generation entry, and share transfer rules. A family constitution is not a static document; it’s a living reflection of shared agreements. When policies lag behind reality, families are forced to make high-stakes decisions without clear guardrails. Periodic updates help ensure the constitution remains a useful reference point rather than a document that only appears during moments of stress.
For families looking to revisit or strengthen this work, our Primer on Family Constitutions offers a practical overview. Rising Gens may also find Family Constitutions: A Rising Gen Opportunity helpful in understanding how they can engage in and contribute to this process.
- How well are we balancing family cohesion with individual autonomy?
Healthy governance respects both unity and independence. Strong families allow room for individuality, evolving aspirations, and different paths of engagement. Governance that overemphasizes togetherness can unintentionally stifle independence, while too much autonomy can weaken connection. The right balance helps family members feel both supported and respected as individuals.
- Are we getting the right external advice for where the family is today – not where it was five or ten years ago?
As families evolve, so do their needs. Legal, tax, and estate advisors; independent board members; investment and wealth advisors; and governance or family enterprise specialists may have been the right fit at an earlier stage but no longer provide the perspective required today. Periodically reassessing external advice helps ensure the family is supported by professionals who understand its current complexity, family dynamics, and long-term ambitions—not just its historical structure.
- What should success look like by the end of this year?
Anchor the refresh in concrete outcomes—clearer roles, better communication, smoother meetings, or greater engagement from the next generation. Without a shared definition of success, governance efforts can feel abstract or endless. Clear outcomes, however modest, create momentum and accountability, helping families move from conversation to action.
Closing Thought
A governance refresh doesn’t have to be a massive undertaking. It can begin with a single, honest conversation. For many families, that conversation leads to clearer decision rights, updated policies, or renewed engagement from the Rising Gen—small changes that often prevent much larger challenges down the road. The goal is not perfection, but a framework that reflects who the family is today and who it hopes to be in the years ahead.
This piece was written in collaboration with Madeline Tolsdorf.
—–
For more content, check out all of our Wingspan Insights
