“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.” 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.” |