Case Detail

Case Summary

Technical Note: The Family Constitution

Case Number: 7-309-502, Year Published: 2010

HBS Number: KEL601

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Authors: John Ward

Key Concepts

Family Business, Family Constitution, Governance, Family Ownership, Multi-Generation, Vision, Family Leadership

Abstract

This note introduces the importance to family businesses of drafting a family constitution to maintain success and continuity of governance of the family’s enterprises. The process of family members/owners being involved in making the draft provides the most value for the enterprise, more so than the content of the finished product.

Learning Objectives

To demonstrate to owners and leaders of family businesses that drafting a family constitution, though time-consuming, is a very valuable process to the succession, stability, and continuity of ownership and governance in a family enterprise.

Number of Pages: 14

Extended Case Information

Teaching Areas: Family Business, Organizational Behavior

Industry: Any multi-generation family business

Year of Case: 2010