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Family businesses generally operate in an informal manner, with family members entering the business and interacting with each other with unstated expectations of each other and of the business. Clearly describing expectations regarding roles, responsibilities, ownership rights and decision-making can help to reduce the likelihood of disappointment and conflict.
Family Charter
Family business charter means written agreement between family members regarding business-related issues such as: ownership, voting/control and employment. A family charter may also be referred to as a family mission statement or a family constitution. In the family business charter we cover any number of areas and each is unique to each family business. Despite their uniqueness, it has been suggested that a Family Business Constitution might include:
  • family short- and long-term goals
  • statement of family values related to the business
  • who will lead the business, work in it; compensation for family members in the business
  • criteria or policies regarding participation and employment in the business
  • policies on sharing financial information
  • guidelines for family-member advancement in the business;
  • principles guiding family-member compensation
  • family code of conduct related to the business
  • statements regarding career opportunities, leadership and ownership
  • Guidelines for forming a family organization.
Family Structuring
We aid you in family structuring in business in a number of ways.
  • Dealing with family members who are silent partners in business
  • Delegating business tasks within the family
  • Developing a Family Business Decision-Making Hierarchy
  • Allocation of junior work to avoid any resentment
  • Management of responsibilities within a Family Business
  • Passing on Business Leadership to the Next Generation
 

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