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Family businesses represent the most enduring business model in the world. The continuing success of family firms through the generations relies on ensuring that the next generation, to whom the baton will one day be passed, are motivated to take up the challenge and are fit for the job at hand. Business families often have a strong culture of “doing”, where parents instill in the next generation a sense of responsibility for their future and a desire to set ambitious goals. For those next gens who will work in, or be an owner of a family business this guide will be a useful resource and will provide practical knowledge and information.
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Though family-owned businesses are not bound by the same rules as public companies and thus are not required to have an independent board of directors, they can benefit from outside perspectives and expertise. As family businesses grow and enter new markets, and as the reins of control are passed to succeeding generations, often the family’s management skills fall short of the talent and experience needed to ensure long-term profitability. Without an external perspective, family companies can grow complacent and fall behind in a changing environment. This is where well-qualified independent directors can bring value.
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Ten Key Insights into Family Constitutions

Christian Stewart (Family Legacy Asia)

The majority of family businesses fail as a result of internal factors, rather than external factors. These internal factors include failure to plan for succession and family conflicts. Yet the surprising fact is that many family business conflicts are predictable and can be planned for. One of these governance tools is the family constitution, which defines the “rules of the road” for the family with respect to its relationship to the business.
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10 Tips for Managing Family Business Conflicts

Christian Stewart (Family Legacy Asia)

The majority of family owned businesses are likely to fail because of internal challenges, with the key issue being inevitable – and destructive – family conflicts. So if a family wants to pass a successful business on to the next generation, it needs to develop its own tools and systems for managing conflicts.
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Most family-owned businesses struggle to survive beyond a single generation. Strategic planning—for both business and family—can help to strengthen the family enterprise and extend its lifespan.

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