010-064 - Family Charter/Constitution

This paper analyses the key family business issues. These include:

  • management
  • ownership
  • succession planning
  • conflict between family and business values
  • training of family and non family members
  • reservations in relation to the need for change
  • need for professional management
  • lack of appreciation of the business by family members
  • funding of growth
  • funding of current owner/chief executive officer's retirement

The paper examines, over six pages, the key issues relative to the formation of a family charter/constitution so as to cover the relationship between the family and the business. Key headings are:

  • Key Family Business Issues
  • What Is The Business Dream?
  • What Are The Objectives Of The Business?
  • Structuring The Objectives
  • What Can Go Wrong?
  • Exit Arrangements
  • Regular Meetings/Retreats
  • Family Relationships
  • Family Charter/Constitution - this includes some items which could be included in the constitution.
  • Checklist For A Family Constitution

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