Okay, so the word is not that complex, but it seems to cover a lot of serious areas, that is true.
But there is a lot of good that comes out of having governance structures in place in both a business and a family,
There is no need to develop governance structures just for the heck of it. Nor is it necessary, or even advisable, to do a lot of it in one fell swoop.
I refer to development of governance for the very reason that it is not something one institutes overnight, but rather “slowly but surely”, as needed, where needed, and as the family and the business get used to doing things in a more formal way.
It is truly an incremental process, which means that one step is taken, confidence is gained and people see the benefits, and only then are the next steps even contemplated.
After a while, you will probably wonder how you ever lived without good governance systems.