Best practice myths and trusted advisers

Abstract

Purpose – The purpose of this paper is to consider, from a practitioner’s perspective, two phrases that are often used in the family enterprise field; “best practice” and “trusted adviser”. They are sometimes found together, a trusted adviser being one who has a meaningful relationship with a family and can offer advice based on best practice. The alternative view offered here is that the notion of best practice is flawed, while trust has much more to it than building personal relationships between and adviser and an enterprising family. Design/methodology/approach – This paper is a commentary piece from a practitioner with experience of working with enterprising families in different parts of the world. Findings – This commentary paper challenges the notion that there are best practices in family business governance. It suggests that these are being used to bolster a normative approach to advising that emphasises the importance of certain structures and practices in place of effective governance that is developed by enterprising families to suit their needs. It also tries to expand the debate about the so-called trusted adviser by reviewing aspects of trust that have little to do directly with the quality of personal relationship between a family and their adviser. Originality/value – This paper provides an informed practitioner view of issues that are currently being debated in the field of family enterprise knowledge and practice. It will be useful for enterprising families, family business practitioners, academics and researchers.