Case Number: 7-309-502, Year Published: 2010
HBS Number: KEL601
Family Business, Family Constitution, Governance, Family Ownership, Multi-Generation, Vision, Family Leadership
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.
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.
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