Why should I learn about roles and responsibilities?
Be a more
effective owner
Align what you enjoy with what you are responsible for
Better plan for the
future of your business
Terms to Remember
Family governance
A system of decision-making for business families using a variety of structures.
Family council
A structure of family governance that often includes family members who have no ownership shares, as well as in-laws.
Ownership council
A formal meeting of all owners, with an agreed upon agenda, focused on building consensus, and often ends with an action plan.
Emotional ownership
An attachment to the business that is connected to identity and family legacy.
It is important to recognize the different roles and responsibilities of an owner whether you are a single owner or part of a group of owners.
Learning about roles and responsibilities will make all owners more effective in their roles, happier in handling various responsibilities and better equipped to plan for the future.
Before moving on, take a look at the terms below that you will come across throughout this unit.
