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Content of a Family Constitution

The following outlines the common ingredients of a Family Constitution for a business-owning family:

  • Preamble: The purpose and importance of family
  • Family vision
  • Family mission
  • Family philosophy on business ownership

                 The benefits for the family

                 The benefits for the business

                 The benefits for society

  • Policies regulating family relationships with the business
  • By-Laws of the family council and for family assembly.
  • Statement of family’s goals and expectations for the business.
  • Covenant of responsibilities that the family embraces.
 

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