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Choosing the right governance practices in a family business is a critical ingredient for its long-term sustainability. This report—the third in a series of four on family business succession—examines the many layers of family and business governance systems and mechanisms and the ways in which the evolving principles of good governance create value for both the business and the family. If you missed the other three reports in the series, you will find them here:

Each family’s legacy is as unique as the family itself. It can be a bloodline, a name, heirlooms, a legal entity or family stories, myths, and artifacts. In this fourth and final report in the series on family business succession, key insights are shared on the important role that legacies play in uniting the core purpose of the business with the family’s abiding values. If you missed the other three reports in the series, you will find them here:

Lawmakers have passed the Corporate Transparency Act (CTA) to help in the ongoing fight against fraud, corruption, terrorism financing, and money laundering. The CTA contains significant new federal reporting obligations, and it may have an especially onerous impact on estate planning for those who accomplish their planning goals through the use of one or more business entities.

From start-up founders, to self-employed individuals, making real financial progress towards your goal is a universal priority for business owners. Watch this educational webinar to receive tips, tricks, and on-trend advice to learn how to proactively navigate through different business cycles. Through the decoding process, you also learn what to consider when assessing your financial statements, top ratios, and a deep dive into banking products available to business owners. The 10 key moments from the webinar:

The Corporate Transparency Act (the CTA) is the first significant update to the U.S. anti-money laundering laws in 20 years and gives FinCEN significant authority to adopt necessary regulations to implement the provisions of the CTA. Under this new compliance environment, there will be new burdens—including the filing of “beneficial ownership” information—imposed on many entities operating in the U.S. and will likely to have major implications for foreign and domestic businesses.

Independent directors can enhance a family business board in a variety of ways, including providing expertise in a range of subject matter areas, leadership development, and learning opportunities. They can also help owners expand diverse viewpoints, adapt to changing circumstances in the market, and help make decisions that are difficult for the family. If you’re ready to bring in outside experts to your board, there are three steps that can help you navigate the process.

The world has changed since COVID-19, and the most successful companies have and will continue to review their long-term strategy, competitive advantages, and organizational agility. This playbook provides a resilience agenda that outlines a sequence approach from immediate remediation to recovery to recharged and ready to thrive.

Taking a risk assessment is a crucial part in developing a business continuity plan. In this podcast, learn more about the critical activities that can help your business continue the normal, day-to-day functions when a crisis hits. An IT Business Continuity Checklist is also provided to help you assess your company’s remote work capabilities.

Most family businesses take on the characteristics of their founder or founding family, especially in their formative years. This changes as the company grows and the founder begins to transition ownership and control to future generations. To guide the business succession transition forward on a successful path, there needs to be a family governance plan to establish a framework for joint decision-making among family members based on shared values, a common mission or purpose, and a collective vision for the family’s future.