Family Constitution

 Family constitution is known to play a critical role in supporting continuity, community, connection, and command of family firms. By drafting the constitution for a family business, students will have opportunities to learn about what and how to develop values that are translated into its competitive advantage. The slides are posted on the Blackboard site and at the end of the course syllabus. Each student is required to turn in a typed 12pt Times New Roman font, double-spaced, and must be no longer than 3 pages. We recommend that you consider your own family when conducting this assignment. If your family does not own a family business, then you will need to imagine what the family constitution would be. You should draw heavily from the course materials, which is why this assignment is at the end of the semester, when your family business knowledge should be the greatest. Likewise, your ability to clearly communicate and use the language of business, including terms from the class, will be considered in your grade. An evaluation sheet to provide guidance for you is attached at the end of the syllabus. You will need to upload the digital copy to SafeAssign on Blackboard to check for indications of plagiarism. Family Constitution requirements and order they should be talked about throughout the paper: 1. The family’s vision and the nature of its commitment to the firm and its continuity are presented here 2.What are the guiding principles of the family constitution? Specifically, what are the principles provided by the founders that you wish to be passed on to future generations? 3. This part guides family members in its owner-firm visibility, the use of the family name, and relations with the government, traditional media, and the new social media. The desired behavior of the family toward its enterprises and their management is spelled out – what behavior is expected of family members who are in management and what family members need to be aware of in order to protect the company’s and the family’s reputation. 4. The requirements family members need to meet in order to be considered for employment are enumerated. These are often segmented into requirements for employment in management posts, requirements for internships, and requirements for lower-level positions. Requirements for management posts often include an undergraduate degree plus five years of work experience outside the family business or three years plus an MBA. 5. This policy sets out the commitment and procedures guiding the education and professional development of next-generation members. It often also defines the level of financial support available for the college and graduate education of next-generation family members 6. What are the expectations for growth in the size and value of the estate? Will you use debt or equity financing to finance the growth? Why? Will the family business provide dividends to the entire family who own shares or will the family business only provide dividends to the managers who work in the company? Why?