Successful entrepreneurial families are stable because they have structures and rules. These form the basis for constructive interaction between the family, shareholders, and the business. Without them, the ability to act is impaired—both in day-to-day operations and strategic decisions, due to conflicts and lack of foresight. Kirsten Baus, an expert in family governance and succession planning, offers the solution with the family strategy. Based on a shared understanding of values, goals, and roles, she develops a stabilizing set of structures and rules with entrepreneurial families. These provide relief, create security and predictability, and reduce conflicts. Most importantly, they make an entrepreneurial family capable of strategy—able to plan ahead and position themselves correctly.

Kirsten Baus is a lawyer and founder of the Institute for Family Strategy in Stuttgart. She advises renowned entrepreneurial families in Europe, North America and China and is a lecturer at Zeppelin University in Friedrichshafen.