Can a family constitution help your family business thrive?

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

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