Be it turnover or profitability of a firm, financial issues in business are highly pegged on the strategic management of an entity. All businesses that exist, exist to make a profit, and FOBs are not an exception. It will be a misdemeanor not to discuss how important corporate governance influences the financial affairs in FOBs.
Corporate governance in family-owned businesses is the do or die of most companies. I would like to highlight some of the bottlenecks for sound corporate governance in the areas below