Family businesses are confronted with unique governance considerations. For example, these businesses may need to address conflicts at the intersection of family dynamics and fiduciary duties, which can pit personal relationships or loyalties against legal obligations. These conflicts may be further shaped by family estate planning arrangements, including wills, or complicated by the existence of outside investors. Family businesses also need to approach exits in a way that is sensitive to family legacy, succession planning and other factors. This panel will compare legal doctrines and toolkits, such as family constitutions, and translate them into real-world playbooks for resolving disputes and averting deadlock. The panel will also examine structures that can promote smooth exits and successions, including calibrated buy-sell mechanics, put/call options and staged liquidity.