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Family Constitutions:
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Family Constitutions:
The laying down of rules of the game is done by means of drawing up a family constitution - a document which includes all the agreements and understandings between family members in regard to the ways of entering into the business, the lives of individuals, ways of resigning from the business, and ways of recognizing the rights in the business.
The drawing up of a family constitution integrates the wishes of the family with the experience of professional people in the field of family businesses.
Only an integration such as this makes it possible to determine clearly the agreed rules of the game - rules which are important for all the players in the business to acknowledge, and act in accordance with them.
Within the framework of preparing to draw up a family constitution, we meet with all the family members who are active or not active in the business, and we work to create agreements between the existing and the future partners.
Together with them we change the oral law to a written law, in accordance with which the business will be operated during the years to come.
Amongst other things we discuss three main subjects:
The entry into the business: who will enter, when and under what conditions -
The lives of the individuals: apportionment of the powers of the Board of Directors, the General Manager and those subordinate to him, procedures for making decisions, structure of the Board of Directors, dividends, compensation systems, methods of appointment and dismissals -
Separation: how to leave a family business, dismissals, resigning, illness, age, death - what the rights are of a person who resigns and those of his family.
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