“Why does your family have a Family Constitution?”

“Because memories are short!”

“The palest ink is better than the best memory.”
Chinese Proverb

“Wealthy Families are like countries; they need to adopt their
own system of government and rule of law.”
Barbara R Hauser, International Family Governance

“The Family Constitution, a comprehensive articulation of philosophy, principles and policies for the future that balances and synthesizes the welfare of family, owners and the business, is among the most important steps a business-owning family can take to secure and strengthen its business and, most preciously, its family.”
Daniela Montemerlo, Ph D and John L. Ward, Ph D

“A Family Constitution is a formal document developed collaboratively by family members to encapsulate the values, beliefs and objectives of the family, as a family, with specific reference to the family’s relationship and dealing with its family business.”
Ivan Lansberg, Succeeding Generations

A Family Constitution is “…. a legal, or quasi legal, guide for family behavior, decision-making, and setting up the succession from one generation to another. Beginning with the mission statement, the constitution then extends the mission into practical actions. It sets up a framework and a forum for a group of equals to deliberate issues, create policies and procedures, clearly define family member’s rights and obligations, and make decisions about the important issues they share.”
Dennis T. Jaffe, Ph D, Stewardship in your Family Enterprise