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 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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