What is the point of family governance? Many a first-generation family leader has asked this question with some doubt that there is a point. Family business consultant Katherine Grady ably describes in this podcast how governance plays an essential role in the well-being of businesses and families that last for generations. In her interview with Keith Whitaker, Katherine describes the main structures of family governance--the Board and the Owner's Council--and their roles, as well as the perhaps surprising fact that family governance may be even more important for families who have sold their operating business and are now trying to manage a foundation, family office, or investable wealth together as a family.