Family firms often suffer from outdated management systems better fitted for a sole proprietorship with far fewer employees, revenues or products.

Family governance --- There are a number of different tools available for families in business together to improve their communication and decision-making. These include family boards, retreats, and regularly scheduled extended-family meetings. Each family is unique and family governance should be tailored to the each particular family's unique needs.

Management governance --- All firms require regular, frequent communication forums including executive committee meetings, planning and implementation team meetings, special task force gatherings, scheduled training sessions, and compensation and promotion boards.

Ownership governance --- Ownership boards (in family firms the most neglected form of governance) can bring together family shareholders for the highest level of strategic planning. Constituting an effective board of directors or advisory board will convert a rubber-stamp board into a powerful tool for future planning and growth.

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