Grant Thornton’s partners vote to join Grant Thornton Advisors multinational platform. Read more.
When two or more generations are working together, or where assets are intended to be owned jointly by siblings or future generations, family governance becomes essential.
It provides families with a shared framework for how decisions are made, how differences are managed, and how the family continues to work together over time.
At its heart, family governance is not about formality or control. It is about creating clarity, setting expectations, and enabling constructive conversations, particularly as roles, responsibilities and ownership evolve. Governance helps families lean into working together.
Every family is different. Therefore, governance frameworks must reflect the family’s individual values, dynamics and aspirations. We create forums away from the day‑to‑day business environment where family members can step back, be heard and contribute meaningfully to the conversation.
Through facilitated discussions, we help families develop practical governance tools such as family charters, family councils and agreed decision‑making processes. These frameworks provide clarity around roles, responsibilities and expectations, reducing the likelihood of misunderstanding or conflict in the future.
Establishing family governance often involves navigating both family and enterprise issues, which can be sensitive and deeply personal. Reaching agreement is not always easy, particularly where different generations or branches of the family hold differing perspectives.
We approach this work thoughtfully and methodically, using a tried and tested facilitation methodology that we tailor to each family’s circumstances. Our focus is on building consensus, ensuring all voices are heard, and supporting outcomes that strengthen relationships while safeguarding continuity.
A shared framework for how the family works together
A Family Charter is a powerful tool for families who work together, own assets jointly, or intend to pass wealth and responsibility across generations. At its core, it is a shared agreement about how the family chooses to work together today and into the future.
Through a facilitated process, families take the time to articulate what matters most to them. They will discuss their values, expectations and intentions, as well as agree on how these will guide decisions as the family and enterprise evolve.
A Family Charter is not a legal document, nor is it intended to be rigid or prescriptive. Instead, it provides an emotionally binding framework that reflects the family’s shared understanding of legacy, stewardship and responsibility.
It brings clarity to the legacy of past generations and sets expectations for how future generations will honour and build upon what has been created. Importantly, it is designed to evolve over time, remaining relevant as circumstances, generations and aspirations change.
Depending on what matters most to the family, a charter may address topics such as:
Rather than attempting to cover everything, the focus is on addressing the matters that are most important for the family.
One of the greatest benefits of the Family Charter process is that it creates a safe, facilitated environment for families to explore and agree on issues before they become problems. By scenario-planning early, families reduce the risk of having to reach agreement during times of stress, conflict or crisis.
This proactive approach supports family harmony, builds trust, and creates confidence that there is a shared understanding to guide future decisions.
Our role is to guide and facilitate the development of a Family Charter by bringing structure, experience and best‑practice insights, while ensuring the outcome remains authentic to the family.
Working through these conversations together is just as valuable as the charter itself. When families reach genuine consensus and shared buy‑in, the charter becomes a living framework that strengthens relationships, supports continuity and helps preserve both family wealth and values for generations to come.
For many families, the Family Charter becomes the cornerstone of a broader governance framework comprising both a family pillar and an enterprise or ownership pillar. From this foundation, families can establish additional structures that reflect their values and priorities, such as education funds, foundations or investment committees.
Whatever the structure, the goal remains the same: to help families continue to work together with clarity, confidence and respect as generations progress.
National Managing Partner – Private Enterprise
We'll be in touch shortly.
In the meantime, if you have any questions, please don't hesitate to contact us via communications@au.gt.com.
The announced 30 per cent minimum tax on discretionary trusts creates significant challenges for private groups.
Succession is no longer just about who takes over. Many family businesses are using succession planning as a catalyst to reassess whether their current structure is still fit for purpose. As businesses scale, trust or partnership structures can become restrictive. Issues may include limited asset protection, challenges winning commercial contracts, reduced buyer appeal, and constraints on reinvesting profits to support growth.
In estate planning, the focus is often on technical elements like drafting a will, appointing executors, minimising tax, and ensuring assets pass as intended. While these steps are important, they only form part of the picture.
Subscribe now to be kept up-to-date with timely and relevant insights, unique to the nature of your business, your areas of interest and the industry in which you operate.