Family relationships play an important role in the management of many commercial enterprises and companies and they operate as family businesses. In other words, in the majority of companies, family governance is at the forefront, regardless of the legal form of the company. As intra-family dynamics may lead to conflicts in companies, the solution to these conflicts is usually through the consolidation of relationships within the family. Structural adjustments are needed, especially in the second and third generations, because intergenerational value differences may trigger family conflicts. In practice, especially in Continental European and Anglo-Saxon systems, a number of instruments have been developed to ensure that family businesses are not affected by the aforementioned problems and can survive in commercial life:
- Establishing and maintaining Family Governance in family businesses
- Family Constitution
- Succession Plan
- Establishment and management of family governance institutions (Family Committee, Family Council).