This blog post courtesy of members Hunt & Hunt Lawyers.
These conversations may be tricky, but talking about the future is crucial for ensuring the family owned business succeeds across generations.
A family constitution can be a valuable tool to assist the owners of medium to large family businesses in discussing and implementing a plan for the future of the business.
WHAT IS A FAMILY CONSTITUTION?
As good as a family business may be, it can only succeed and endure over time if it has a solid foundation of family consensus and buy-in.
Respondents to the KPMG and Family Business Australia Family Business Survey 2013identified “balancing of family and business issues” as their biggest challenge, yet only 16% had a family constitution.
A family constitution is a document which records the family’s values and