The importance of family firm trusts in family firm governance

We explore the governance role of trusts in family firms and develop a typology that maps different configurations of boards and trustees with the longevity and efficiency of family firms. Suggestions are given for the proposed effects of these configurations, and comparisons are made with Carney, Gedajlovic, and Strike's “dead money” discussion. Recognition is given to the fact that the dynamics of family firms is inextricably linked to the life cycle of families, and that governance mechanisms need to react to changes and developments during the life cycle if the family firm is to be conserved.