Amid the tax, estate and strategic planning that goes into helping a family business survive from generation to generation, wine industry families such as the Seghesios of Alexander Valley are increasingly codifying guidelines for relationships between relatives and the business.
In the wake of a jolting 1993 tax audit that led to a generational transfer of the company, the new generation of Seghesios started implementing new company governance, President and CEO Peter Seghesio said at the Business Journal Wine Industry Conference earlier this month.
Key to better governance for the Seghesios was the drafting of a family policy and directives document. Such documents are common with family businesses in other industries but are only starting to garner attention in the wine business, according to Deborah Steinthal of Scion Advisors in Napa.
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