Your Cart
Loading

Harmony in Heritage

On Sale
$20.00
$20.00
Added to cart

Introduction of Book

Welcome to a foundational guide poised to serve as a cornerstone for families in business who are navigating the complexities of sustaining harmony within their legacy. This book stands as an essential read for a diverse array of professionals including accountants, lawyers, advisors, consultants, and Shariah advisors, offering them a powerful tool to guide family-run businesses towards unity and accord in their operations and succession planning.

What lies before you is essentially a foundational blueprint—a 'zero draft'—for crafting a family business constitution. For families who are intertwined with business pursuits and aspire to a seamless transition across generations, this text is an invaluable resource. It invites family members to engage in a collaborative process, reinforcing their bonds and addressing both inter-family and intra-family business dynamics with clarity and foresight.

The structure of this book is meticulously designed for practicality; it acts as a thorough checklist, a starting point for dialogue amongst family members. By using this document as a framework, family stakeholders can mark pertinent issues and then gather to deliberate and strategize, fostering a collective understanding and a unified approach to their shared business heritage.


The Scheme of this book is around these topics, heading and related levels:

Family Business Constitution

I. Preamble

A. Mission Statement: Outline of the family business's core mission and goals.

B. Family Values: Definition of the family's shared values and principles.

C. Purpose of the Constitution: Explanation of why the constitution is being established.

II. Family Governance

A. Leadership Roles: Description of family leadership positions and their responsibilities.

B. Decision-making Processes: Procedures for making major decisions within the family business.

C. Conflict Resolution: Mechanisms for resolving disputes and conflicts.

III. Family Member Responsibilities and Benefits

A. Individual Roles and Duties: Outline of roles and responsibilities of each family member.

B. Expectations and Boundaries: Rules and expectations for family members' behavior.

C. Education and Personal Development: Plans for education and personal growth opportunities.

D. Loans for Education, Marriage, and Emergencies: Policies for granting loans for specific purposes.

E. Benefits and Perquisites: Details of benefits offered to family members, such as health care.

F. Annual Leaves and Vacations: Policies for time off, including vacations and sick leave.

IV. Family Wealth and Asset Management

A. Financial Planning: Guidelines for managing family finances and investments.

B. Investment Strategies: Plans for investing family assets.

C. Estate Planning: Strategies for preserving and distributing family wealth.

V. Social Responsibility

A. Community Involvement: Family commitments to community service and engagement.

B. Philanthropy and Charity: Policies for charitable giving.

C. Environmental Sustainability: Commitments to environmental responsibility.

VI. Succession Planning

A. Process for Succession: Steps for transferring leadership and control.

B. Training and Development: Opportunities for developing future leaders.

C. Transition Management: Procedures for smooth leadership transitions.

VII. Retirement, Termination, and Expulsion

A. Retirement Policies: Guidelines for retirement within the family business.

B. Termination Procedures: Grounds and processes for terminating family members.

C. Expulsion Criteria and Process: Grounds and procedures for expulsion from the family business.

VIII. Death and Exit Clauses

A. Procedures in Case of Death: Plans for handling business matters in the event of a family member's death.

B. Exit Strategy: Strategies for a family member's exit from the business.

C. Handling of Remaining Assets: Processes for handling assets after death or exit.

IX. Amendment Procedures

A. Process for Altering the Constitution: Steps for making changes to the constitution.

B. Regular Reviews and Updates: Schedule and procedures for regularly reviewing and updating the constitution.

Relevant Bylaws

I. Operational Procedures

A. Regular Family Meetings: Schedule and format for regular family meetings.

B. Voting Procedures: Rules for voting on business matters.

C. Communication Channels: Guidelines for internal communications.

II. Financial Management

A. Budgeting and Financial Controls: Policies for managing budgets and financial oversight.

B. Asset Allocation: Strategies for allocating family assets.

C. Tax Planning: Guidelines for tax planning and compliance.

III. Dispute Resolution Mechanism

A. Mediation Process: Processes for mediating disputes.

B. Conflict Resolution Protocols: Guidelines for resolving internal conflicts.

C. Legal Recourses: Legal avenues available if disputes cannot be internally resolved.

IV. Ethical Conduct

A. Code of Conduct: Family code of ethics and behavior standards.

B. Family Reputation Management: Policies to protect and enhance the family's reputation.

C. Transparency and Disclosure: Requirements for transparency in family business matters.

V. Education and Development

A. Continuing Education Opportunities: Opportunities for continuous learning.

B. Mentorship Programs: Programs for mentoring within the family business.

C. Family Business Training: Specific training for family business roles.

VI. Emergency Procedures

A. Crisis Management Plans: Plans for handling business crises.

B. Security Protocols: Guidelines for security within the family business.

C. Emergency Contacts: List of essential contacts for emergencies.

VII. Political victimization

This master document consolidates all elements of the Family Business Constitution and relevant bylaws, providing a robust and comprehensive framework for managing a family business. It emphasizes not only the governance and financial aspects but also the values, responsibilities, benefits, and relationships that underpin the family enterprise.


You will get a PDF (1MB) file

Customer Reviews

There are no reviews yet.