Continuity Family Business Consulting: The Importance of a Family ...

?CONTINUITY

FAMILY BUSINESS CONSULTING?

US/CANADA: 877-925-5149 INTERNATIONAL: 1-978-925-5149

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It?s natural that in time, family businesses grow over multiple generations, which means the number of individuals involved increases. In addition to the number of individuals increasing, family members expectations regarding the business may increase as well and related conflicts may arise.

Creating a Family Business Constitution can be an easy way to manage and deal with these conflicts if and when they arise within your family business.

A Family Business Constitution is not only an extra tip in the businesses success; it also engenders a sense of pride in the family and its business by linking the past, present and future generations with each other.

1. Document the mission, values, philosophy and principles that govern your family and its business, including the struggles of past generations.?
2. Outline the business?s strategy and its long- and short-term goals.?
3. Define a dispute resolution processes to deal with potential conflicts affecting the business and the family.?
4. Define the roles, composition and powers of key governing and other constituencies of the business, including key management, directors, shareholders and family members.

Source: http://continuityfbc.blogspot.com/2012/03/importance-of-family-business.html

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