Content of a Family Constitution
The following outlines the common ingredients of a Family Constitution for a business-owning family:
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Preamble: The purpose and importance of family
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Family vision
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Family mission
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Family philosophy on business ownership
The benefits for the family
The benefits for the business
The benefits for society
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Policies regulating family relationships with the business
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By-Laws of the family council and for family assembly.
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Statement of family’s goals and expectations for the business.
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Covenant of responsibilities that the family embraces.
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