As family members start joining the family business, businesses start growing and families
start growing over generations, family member's expectation regarding the business start
growing and may diverge and conflicts start arising. An important tool to manage all these
interests and expectations from current and future family business owners is by creating a
FBS2M Family Business Solutions, through the use of our tried and tested consultation process which directly involves the interested family members and the family's advisors will create a tool very useful to the family in business. Those families for whom we have developed a family constitution and which they have implemented, have found the document to be instrumental when the going got tough. Through this constitution these families are managing to preserve their legacy and helping to grow the business for future generations.
Hence the purpose of the Family Business Constitution is to establish a code of conduct and operating procedures that would sustain the "Glue" that keeps the family together if they so wish. It will also define the role that each family member will play with relation to the family business. On the other hand it will also show the way for entry and exit strategies from the family business which means that the family will not stay together in business but will still remain a family outside business.
Hence, the Family Constitution is a road map that when completed will strike a balance between the commercial and financial needs of the business and the requirements, expectations and aspirations of the family in business.
Due to the different family dynamics found within each family, a Family Business Constitution must be custom developed to suite the particular family in business and must evolve with time as the families within and the business grow.
Through the experience that FBS2M has obtained over the years, we can tailor the Family Constitution to reflect your family's wishes and expectations. Thus replacing much of the uncertainty of the future with the certainty of a fair and equitable structure created in advance of any issues that from time to time will arise.