Video + Tutorial: The Role of a Family Constitution

The Core Theme of This Video is: The Added Value of Creating and Adopting a Family Constitution

The Role of a Family Constitution

Welcome to BFF video with tutorial!

This lesson will help you get started with all the fundamentals that you need to begin working with this video from an advisory standpoint. We will highlight contexts in which you can use this video, key messages within the video that you can emphasize to help address strategic issues, and examples of exercises that can accompany the use of the video. Ready? Let's begin. First watch the video, then click on tutorial.

Context in which you can use this video to engage discussions one-on-one or in a group:

Me

Understanding how I can motivate (and eventually participate in) the writing of key elements of our family constitution, or how I can help improve our existing family constitution, or how I can help our family live by its principles.

Helper

Helping (including coaching, mentoring) members and leaders of the family to write the key elements of their family constitution, or to help improve their existing family constitution, or to help them live by its principles.

10 Key messages within this video that you can emphasize to help address strategic issues:

In relation to other individuals:

1. How can I practice communication, trust and respect through the development and adoption of a family constitution?

In relation to the family as a whole:

2. How can the whole family participate in the development, improving or application of our family constitution?

What is your opinion on the following messages found in the video:

3. A Family Constitution talks about the family values; what the family is about as a business; family succession; family roles; when the next generation should enter the family business and how they should do it; areas of engagement and what family members must do, the behaviors expected of them.

What is your opinion on the following messages found in the video:

4. The Family Constitution document can greatly support and guide transition and succession processes.

What is your opinion on the following messages found in the video:

5. If a next generation member wants to join the family business, they must have five years outside experience. They must have developed their career in a way that they have a skill that is good for the family business. Positions are awarded on merits and family members won’t have a priviledged treatment.

What is your opinion on the following messages found in the video:

6. The Family Constitution document can help develop or improve the shareholders’ agreement, including developing first right of options for family members to own shares in the business.

What is your opinion on the following messages found in the video:

7. The Family Constitution can help to organize communication, so that family members (whether they own shares or not) know what is going on in the family business.

What is your opinion on the following messages found in the video:

8. The Family Constitution provides the basis for interactions between the family and the business.

What is your opinion on the following messages found in the video:

9. Creating a Family Constitution allows a business family to reflect on its own needs and values, and to codify its expectations of family members.

What is your opinion on the following messages found in the video:

10. The Family Constitution is a key element of governance in a family business environment.

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Examples of exercises that can accompany the use of this video:

Readiness Factor/Readiness Index

To develop or enhance your family constitution (Are you ready and prepared to participate in the development or improving of your family constitution and its application?)
 

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Readiness Factor/Readiness Index

Who Do You Consider Family?

  1. Immediate Family Only
  2. Immediate Family Only + In-Laws
  3. Immediate Family Only + Cousins
  4. Extended Family
  5. Extended Family Without In-Laws

Reversed Expectations Analysis

Leadership Qualities

  • - Patient
  • - Cohesive
  • - Communication/Listening Skills
  • - Respect for All

Close

Reversed Expectations Analysis

If you were looking at your enterprising family from the outside, what would you expect of ‘you’ in terms of developing or enhancing or applying your family constitution?
 

Start your analysis

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Readiness Factor/Readiness Index

Reversed Expectations Analysis