Family Firms And Family Constitutions
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Author | : Holger Fleischer |
Publisher | : |
Total Pages | : 12 |
Release | : 2018 |
Genre | : |
ISBN | : |
'Family firms are fashionable' - this is the Economist's snappy analysis of a new international trend. The article goes on to tell that more and more family companies are drawing up formal family constitutions. This movement is also gradually beginning to spread in Germany. To date, academic treatment has largely come from the field of management science. Studies of the corporate law aspects of this novel instrument are still rare. However, international law firms have now discovered the family constitution for themselves, and praise its virtues both in providing guidance and creating consensus.This paper seeks to provide a corporate law analysis of family constitutions. It looks first at the governance framework for family firms (2) before exploring the international developments of family constitutions (3). This will be followed by examining their regulatory nature (4) and potential legal implications (5).
Author | : J. Ward |
Publisher | : Springer |
Total Pages | : 109 |
Release | : 2016-04-30 |
Genre | : Business & Economics |
ISBN | : 1137512784 |
Designed for families planning to draft a Family Agreement, families deciding whether or not to begin the process, and those that have already established a Family Agreement, this book illustrates the fundamental components and their importance to the success of the family business.
Author | : Holger Fleischer |
Publisher | : Emerald Group Publishing |
Total Pages | : 203 |
Release | : 2023-12-14 |
Genre | : Business & Economics |
ISBN | : 1837972028 |
The ebook edition of this title is Open Access and freely available to read online. Family Firms and Family Constitution delves deeply into topics as diverse as ownership, succession, governance, justice and more, all from a managerial and legal perspective from around the world.
Author | : Daniela Montemerlo |
Publisher | : Palgrave Macmillan |
Total Pages | : 116 |
Release | : 2010-12-15 |
Genre | : Business & Economics |
ISBN | : 9780230111165 |
The family agreement is becoming a prime objective to a successful family business. Designed for families planning to draft such an agreement, families deciding whether or not to begin the process, and those that have already established a family agreement, this book illustrates the fundamental components and their importance to the success of the family business. A family agreement or constitution is the expression of purpose for the continuity of the business and the process of creating one is just as important.
Author | : Alan L. Carsrud |
Publisher | : Springer Science & Business Media |
Total Pages | : 128 |
Release | : 2011-09-15 |
Genre | : Business & Economics |
ISBN | : 1461412013 |
Many of the challenges faced by family-owned businesses develop after the firm has reached a stage of maturity, when the first generation is faced with issues concerning the role of their children in the business and the long-term future of the enterprise. This collection of case studies from around the world demonstrates how governance of both the business and the family (or lack thereof) impacts succession of leadership in the firm and the inheritance of ownership and wealth. It is the role of governance and how it impacts both family and firm that link these family business cases together with succession and inheritance. These topics have been clustered together because the social systems of the family and the management system of the firm have significant impacts on the success, or failure, of succession plans. All the planning in the world for succession and inheritance will not succeed if the firm does not have a well established and functional governance system. Likewise, if the family does not understand its role in the governance of the firm and the mechanisms for making sound decisions, succession choices may not be accepted by family members. Most family firms fail because of succession issues, not economic ones. This volume features nine in-depth cases of family-owned business from a variety of industries to illuminate the dynamics of governance, succession, and inheritance. Each case illustrates the complexity of issues and, through interactive exercises and questions, offers readers approaches to solutions, which may include less-than-optimal compromises or even selling the business as the only viable option. The examples and insights will prove valuable for students and members of entrepreneurial and family-owned firms, as well as consultants, investors, and other professional advisors.
Author | : Marleen Dieleman |
Publisher | : |
Total Pages | : |
Release | : 2020 |
Genre | : Family-owned business enterprises |
ISBN | : 9781529740233 |
As family businesses implement more sophisticated governance, the founding family often develops explicit rules in the form of a family constitution. This case explores one aspect of the family constitution, namely the ownership and control of the business in the second and third generation. An Asian patriarch, Ongky Lim, grapples with how to best preserve his legacy for future generations as he weighs advice from different people. The case helps family owners to evaluate different ownership and control options.
Author | : A. Koeberle-Schmid |
Publisher | : Springer |
Total Pages | : 250 |
Release | : 2013-12-02 |
Genre | : Business & Economics |
ISBN | : 113729390X |
Presents a comprehensive overview of governance in family enterprises including practical management knowledge in easy-to-use frameworks and interviews with renowned family enterprise owners and managers. Readers will benefit from the book's systematic approach and the opportunity to learn from the experience of other family enterprises.
Author | : Daniela Montemerlo |
Publisher | : Macmillan |
Total Pages | : 118 |
Release | : 2011-01-04 |
Genre | : Business & Economics |
ISBN | : 0230116213 |
The family agreement is becoming a prime objective to a successful family business. Designed for families planning to draft such an agreement, families deciding whether or not to begin the process, and those that have already established a family agreement, this book illustrates the fundamental components and their importance to the success of the family business. A family agreement or constitution is the expression of purpose for the continuity of the business and the process of creating one is just as important.
Author | : Chat Gpt |
Publisher | : Independently Published |
Total Pages | : 0 |
Release | : 2023-11-11 |
Genre | : |
ISBN | : |
Introduction: Welcome to "Harmony in Heritage: A Guide to Family Business Constitution Guidelines." This comprehensive book serves as a valuable resource for families involved in business, helping them establish a solid foundation through the creation and implementation of a Family Business Constitution (FBC). In the ever-evolving world of commerce, family businesses face unique challenges and opportunities, and the key to their long-term success often lies in effective governance and clear communication. Chapter 1: Can this book be useful? This introductory chapter sets the stage for our journey by addressing the question of whether this book can be a valuable resource for you and your family business. We explore the importance of family business governance and the role of a constitution in fostering unity, continuity, and prosperity. Chapter 2: Key Terms and Concepts Before delving into the specifics of creating a family business constitution, it's essential to understand the key terms and concepts that underpin this process. This chapter provides a comprehensive glossary of essential terminology to ensure a shared understanding among family members and stakeholders. Chapter 3: Importance and Benefits of the Constitution Chapter 3 offers an in-depth exploration of the Family Business Constitution, answering the question: What is the Family Business Constitution, and why is it essential for your family enterprise? We delve into its significance in preserving family values, ensuring sustainable growth, and maintaining family harmony while navigating the complexities of business. Chapter 4: Procedure for Reaching Consensus on FBC Creating a family business constitution requires the consensus of family members and stakeholders. Chapter 4 outlines the procedural steps involved in achieving this consensus, emphasizing open dialogue, collaboration, and decision-making processes. Chapter 5: Key Questions regarding Family Business Protocols In this chapter, we address critical questions that will guide you in formulating protocols that align with your family business's values and goals. These questions help lay the foundation for your family business constitution. Chapter 6: Family Business Constitution The core of the book begins with Chapter 6, where we dive into the Family Business Constitution itself. It is divided into several sections to cover all aspects of governance and family involvement: A. Introduction and Preamble The constitution, outlining the mission statement, family values, and the purpose of the constitution, while also highlighting its benefits and historical context. B. Family Governance We explore leadership roles, decision-making processes, conflict resolution mechanisms, and the importance of shared values in family business governance. C. Family Member Responsibilities and Benefits This section outlines the responsibilities, expectations, education, compensation, and benefits for family members actively involved in the business. D. Family Wealth and Financial Management E. Social Responsibility This section addresses the family business's commitment to social responsibility, community involvement, philanthropy, and environmental sustainability. F. Succession Planning covers the critical aspects of succession planning, from the process and ownership transition to training and development. G. Retirement, Separation, Termination, and Expulsion H. Contingency Planning I. Review and Amendment Procedures . J. Operational Procedures K. Communication Channels . L. Ethical and Behavioral Standards . M. Restructuring, Expansion, and Globalization N. Family Culture and Behavior O. Emergency and Crisis Management Guidelines and Additional Material
Author | : Keanon J. Alderson |
Publisher | : Business Expert Press |
Total Pages | : 205 |
Release | : 2019-04-15 |
Genre | : Business & Economics |
ISBN | : 1949991318 |
This book presents research-based information to provide the reader a deeper understanding of the complex nature of family owned businesses, their problems and challenges, and the unique governance structures and mechanisms that have been developed to properly guide a family business to greater effectiveness. Family business is the most prevalent form of business organization in the world. Much of the existing literature on family and corporate governance focuses on the larger and often publicly owned corporations instead of the unique and special issues of the much more prevalent privately held (usually smaller) family businesses. This book presents research-based information to provide the reader a deeper understanding of the complex nature of family owned businesses, their problems and challenges, and the unique governance structures and mechanisms that have been developed to properly guide a family business to greater effectiveness. For the family, such structures include having family meetings, a family council, and a family constitution. For the business, the board of directors provides experienced and knowledgeable advice and recommendations, as well as oversight and monitoring activities. For the owners, a shareholder’s council and an annual shareholder meeting allows increased communication and voting on decisions. These family governance mechanisms have been shown to increase communication, reduce conflict, and improve decision making and professionalism. Each governance tool will be explored in depth. The audience for this book is family business owners, consultants, practitioners, and family business scholars. Cases will provide readers an opportunity to apply their learning to real business problems.